10-Q
False--09-30Q100013834142024MD0001383414pnnt:USGovernmentSecuritiesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC - Funded Revolver Maturity 03/01/2028 Business Services Current Coupon 11.20% Basis Point Spread Above Index 1M SOFR+5652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Plimpton & Hills Corporation Maturity 11/08/2029 Distribution Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR +6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo LP Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, ITI Holdings, Inc., Maturity/Expiration 03/03/2028, Industry Business Services, Current Coupon 11.02%, Basis Point Spread Above Index 3M SOFR+5652023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Signature Systems Holding Company Maturity 5/3/2024 Industry Chemicals, Plastics and Rubber Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC Maturity 12/17/2026 Business Services Coupon 11.79% Basis Point Spread Above Index 1M L+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, FedHC InvestCo LP One, Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Common Equity/Partnership Interests/Warrants—0% Walker Edison Furniture Industry Home and Office Furnishings2023-12-310001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Icon Partners V C, L.P. Business Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name STV Group Incorporated Maturity 12/11/2026 Industry Transportation Current Coupon 10.71% Basis Point Spread Above Index SOFR+5352023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% PennantPark Senior Loan Fund, LLC Financial Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:MeasurementInputMarketYieldMembersrt:WeightedAverageMember2023-12-310001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC Maturity 12/10/2024 Media Current Coupon 11.28% Basis Point Spread Above Index 3M L+6402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ox Two, LLC (Revolver) Maturity 05/18/2026 Building Materials2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Loving Tan Intermediate II, Inc. - Revolver One, Maturity/Expiration 05/31/2028, Industry Consumer Products2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Falcon Buyer, Inc - Unfunded (Revolver) Maturity 08/01/2029 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% QuantiTech InvestCo LP Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LL (Revolver) Maturity 07/06/2028 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.96% Basis Point Spread Above Index SOFR+6502023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Auto Sector Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001383414pnnt:SeniorSecuredRevolvingCreditFacilityMemberpnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2022-02-090001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MDI Buyer, Inc., Maturity/Expiration 07/25/2028, Industry Chemicals, Plastics and Rubber, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+6252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Education2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Five Star Buyer, Inc. (Revolver) Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% QuantiTech InvestCo II LP Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, GCOM InvestCo LP, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OSP Embedded Aggregator, LP, Industry Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Consumer Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC Maturity 12/29/2026 Environmental Services Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Icon Partners V C, L.P., Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Meadowlark Acquirer, LLC - Revolver, Maturity/Expiration 12/10/2027, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TPC Holding Company, LP Food2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Inception Fertility Ventures, LLC, Maturity/Expiration 12/07/2024, Industry Healthcare, Education and Childcare, Current Coupon 12.64%, Basis Point Spread Above Index 3M SOFR+7252023-10-012023-12-310001383414pnnt:PersonalAndNonDurableConsumerProductsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Altamira Intermediate Company II, Inc., Industry Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Compex Legal Services, Inc. Maturity 02/09/2026 Business Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5552023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, LJ Avalon, LP, Industry Environmental Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, FedHC InvestCo LP One, Industry Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 05/23/2024 Media2023-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lorient Peregrine Investments, LP Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Education2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Neptune Flood Incorporated Maturity 05/09/2029 Industry Financial Services, Current Coupon 11.97% Basis Point Spread Above Index SOFR+6602022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 09/17/2026 Distribution 2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Ironclad Holdco, LLC (Applied Technical Services, LLC), Industry Environmental Services2023-10-012023-12-310001383414us-gaap:DomesticCountryMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Pequod Merger Sub, Inc. Maturity 12/2/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.75% Basis Point Spread Above Index SOFR+6402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Financial Services2022-10-012023-09-300001383414pnnt:TruistCreditFacilityMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 02/01/2024 Healthcare , Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Imagine Topco, LP, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Ledge Lounger, Inc. - Revolver, Maturity/Expiration 11/09/2026, Industry Consumer Products, Current Coupon 12.00%, Basis Point Spread Above Index 3M SOFR+6652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% QuantiTech InvestCo II LP Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Connatix Buyer, Inc. (Revolver) Maturity 07/13/2027 Media 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, New Medina Health, LLC, Industry Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, PennantPark-TSO Senior Loan Fund II, LP, Industry Financial Services2023-10-012023-12-310001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652023-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Aftermarket Drivetrain Products Holdings, LLC Machinery2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Retail Current Coupon 12.42% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo II LP Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics2023-12-310001383414Cash and Cash Equivalents—7.4% of Net Assets2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Healthcare, Education and Childcare Current Coupon 10.75% Basis Point Spread Above Index SOFR+5152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services Current Coupon 11.04% Basis Point Spread Above Index 1M SOFR+5652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Tower Arch Infolinks Media, LP Media2023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0%2023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Subordinated Debt—20.5% PennantPark Senior Loan Fund, LLC Maturity/Expiration 07/31/2027 Industry Financial Services Current Coupon 13.38% Basis Point Spread Above Index 3M SOFR+8002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Subordinated Debt/Corporate Notes—9.82023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC Maturity 07/31/2024 Environmental Services Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc. Maturity 07/14/2025 Business Services Current Coupon 13.15% Basis Point Spread Above Index 3M SOFR+7752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Quad (U.S.) Co-Invest, L.P. Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. - Unfunded Term Loan Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC Maturity 12/10/2024 Media Current Coupon 11.28% Basis Point Spread Above Index 3M L+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Broder Bros., Co. Maturity 12/01/2029 Healthcare, Education and Childcare Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752023-10-012023-12-3100013834142023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Pink Lily Holdco, LLC, Industry Retail2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Lash Coinvest LLC Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—113.2% Ox Two ,LLC Revolver Maturity 05/18/2026 Building Materials2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ITC Infusion Co-invest, LP Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC), Industry Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC - Revolver, Maturity/Expiration 12/17/2026, Industry Business Services, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC-Unfunded Term Loan 2 Maturity 12/29/2025 Diversified Conglomerate Service 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MDI Buyer, Inc. - Revolver One, Maturity/Expiration 07/25/2028, Industry Chemicals, Plastics and Rubber2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Berwick Industrial Park Maturity 11/02/2023 Buildings and Real Estate Current Coupon 11.50%2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Pequod Merger Sub, Inc. Maturity 12/2/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC Maturity 08/30/2027 Business Services Current Coupon 11.93% Basis Point Spread Above Index 1M SOFR+6352022-10-012023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:AKWHoldingsLimitedMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Aerospace and Defense Coupon 11.32% Basis Point Spread Above Index 6M L+5852023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Business Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Meadowlark Title, LLC, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AMCSI Crash Co-Invest, LP Auto Sector2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Healthcare, Education and Childcare2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+6192023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% TAC LifePort Holdings, LLC Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ETE Intermediate II, LLC (Revolver) Maturity 5/25/2029 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC), Industry Aerospace and Defense2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge Schlesinger Coinvest, LLC (TVC Enterprises, LLC), Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Personal, Food and Miscellaneous Services Current Coupon 12.56%2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 11.79% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Telecommunications Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense2023-12-310001383414pnnt:InvestmentsCostMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC (Revolver) Maturity 07/31/2025 Personal, Food and Miscellaneous Services2023-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media Current Coupon 11.00% Basis Point Spread Above Index SOFR+5652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Distribution2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Mars Intermidiate Holdings II, Inc., Industry Media2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% CF512, Inc. Maturity 08/20/2026 Media Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6192023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc. Maturity 02/27/2026 Electronics Current Coupon 10.57% Basis Point Spread Above Index 3M SOFR+5152022-10-012023-09-300001383414Related Party PSLF Liabilities in Excess of Other Assets — (741.3)%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Magnolia Topco LP - Class B Preferred Equity Auto Sector2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Ironclad Holdco, LLC (Applied Technical Services, LLC), Industry Environmental Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Any Hour Services Maturity 07/21/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 11.23% Basis Point Spread Above Index SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% WCP Ivyrehab QP CF Feeder, LP - Unfunded Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Electronics2022-10-012023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% AKW Holdings Limited Healthcare, Education and Childcare2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name STV Group Incorporated Maturity 12/11/2026 Industry Transportation Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Lightspeed Investment Holdco LLC, Industry Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% TAC LifePort Holdings, LLC Aerospace and Defense2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 6/10/2025 Industry Media Current Coupon 11.79% Basis Point Spread Above Index SOFR+6752022-10-012023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% First Lien Secured Debt—20.3% MidOcean JF Holdings Corp. Maturity/Expiration 07/31/2026 Industry Distribution Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+6052023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare , Education and Childcare Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+5102023-12-310001383414us-gaap:FairValueInputsLevel1Member2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752023-12-310001383414pnnt:DebtInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, HV Watterson Holdings, LLC, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 12.79% Basis Point Spread Above Index SOFR+7252023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare, Education and Childcare Current Coupon 12.64% Basis Point Spread Above Index SOFR+7152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Imagine Topco, LP Business Services Current Coupon 8.00%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Questex, LLC Maturity 09/09/2024 Media Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+4252022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% LEP Pequod Holdings, LP Financial Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AMCSI Crash Co-Invest, LP Auto Sector2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name SpendMend Holdings. LLC Maturity 3/1/2028 Industry Business Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Related Party PSLF Members Equity - 100%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Burgess Point Purchaser Corporation Maturity 09/26/2029 Industry Auto Sector Current Coupon 10.71% Basis Point Spread Above Index SOFR+5352023-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:USGovernmentSecuritiesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Confluent Health, LLC Maturity 11/30/2028 Healthcare, Education and Childcare Current Coupon 12.86% Basis Point Spread Above Index 3M SOFR+7502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Personal and Non-Durable Consumer Products 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrated Data Services - Unfunded Revolver Maturity 08/01/2029 Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 11.45% Basis Point Spread Above Index SOFR+6102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Pragmatic Institute, LLC Business Services2023-09-300001383414srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMember2023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Preferred Equity/Partnership Interests—5.9% 2023-12-310001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Preferred Equity/Partnership Interests—5.9% Cascade Environmental Holdings, LLC Industry Environmental Services2023-12-310001383414srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMember2023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Pink Lily Holdco, LLC Retail2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Seaway Topco, LP Chemicals, Plastics and Rubber2023-12-310001383414srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC Maturity 07/31/2024 Environmental Services Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Graffiti Buyer, Inc. - Revolver, Maturity/Expiration 08/10/2027, Industry Distribution, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5602023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MBS Holdings, Inc. - Revolver, Maturity/Expiration 04/16/2027, Industry Telecommunications, Current Coupon 11.21%, Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media Current Coupon 11.00% Basis Point Spread Above Index SOFR+5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Anteriad Holdings, LP (f/k/a Merit Direct Holdings, LP) Media2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education and Childcare Current Coupon 10.93% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, FedHC InvestCo LP, Industry Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% EDS Topco, LP Aerospace and Defense2022-10-012023-09-300001383414pnnt:HomeAndOfficeFurnishingsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6352023-12-310001383414Net Assets—100.0%2023-09-300001383414pnnt:MediaMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Maturity 12/10/2027 Business Services Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+5502023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.71% Basis Point Spread Above Index SOFR+5252023-12-310001383414us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Communications2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.42% Basis Point Spread Above Index 3M SOFR+7102022-10-012023-09-300001383414srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:MeasurementInputMarketYieldMember2023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% Walker Edison Furniture Home and Office Furnishings2023-09-300001383414pnnt:SBADebenturesMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SSC Dominion Holdings, LLC Class B (US Dominion, Inc.) Electronics2023-09-300001383414ontrolled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Burgess Point Purchaser Corporation Maturity 07/28/2030 Auto Sector Current Coupon 14.42% Basis Point Spread Above Index 3M SOFR+9152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber Current Coupon 12.00%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SP L2 Holdings, LLC Consumer Products2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.46% Basis Point Spread Above Index SOFR+7002023-10-012023-12-310001383414Qualifying Assets2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+5752023-09-300001383414pnnt:MediaMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Neptune Flood Incorporated Maturity 05/09/2029 Industry Financial Services, Current Coupon 11.72% Basis Point Spread Above Index SOFR+6352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lightspeed Buyer Inc. Maturity 02/03/2026 Healthcare, Education and Childcare Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc. Maturity 07/14/2025 Business Services Current Coupon 13.15% Basis Point Spread Above Index 3M SOFR+7752022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index SOFR+6052023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Bluebird Group LLC (Revolver) Maturity 07/27/2026 Business Services2023-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:USGovernmentSecuritiesMember2023-12-3100013834142017-12-312017-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Go Dawgs Capital III, LP (American Insulated Glass, LLC), Industry Building Materials2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber Current Coupon 12.00%2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge ETE Blocker, LLC - Common Equity, Industry Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Member2022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Gauge Lash Coinvest, LLC - Preferred Equity Consumer Products2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.80% Basis Point Spread Above Index SOFR+6402023-10-012023-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembersrt:MaximumMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Imagine Topco, LP Business Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services Current Coupon 10.72% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Beta Plus Technologies, Inc. Maturity 07/01/2029 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% AH Newco Equity holdings, LLC Healthcare, Education and Childcare Current Coupon 6.00%2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5762023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Unfunded Term Loan Maturity 12/01/2025 Electronics2023-10-012023-12-310001383414us-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001383414pnnt:InsuranceMember2023-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Preferred Equity/Partnership Interests—5.9% Cascade Environmental Holdings, LLC - Series B Industry Environmental Services2023-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2022-03-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC(Revolver) Maturity 12/10/2024 Media Current Coupon 11.82% Basis Point Spread Above Index 3M L+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% ORL Holdco, Inc. Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Five Star Buyer, Inc. (Revolver) Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment 2023-10-012023-12-310001383414pnnt:EnvironmentalServicesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Ledge Lounger, Inc. - Revolver One, Maturity/Expiration 11/09/2026, Industry Consumer Products2023-12-310001383414Related Party PSLF Members Equity - 100%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Five Star Buyer, Inc. - Unfunded Term Loan Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment 2023-10-012023-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberpnnt:WalkerEdisonFurnitureCompanyLLCMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 10.40% Basis Point Spread Above Index SOFR+4752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services2022-10-012023-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembersrt:MinimumMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Crane 1 Acquisition Parent Holdings, L.P., Industry Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index SOFR+5752023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/16/2029 Industry Professional Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+6252023-10-012023-12-310001383414Investments—242.6% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Neptune Flood Incorporated (Revolver) Maturity 05/09/2029 Insurance2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Delta InvestCo LP One (Sigma Defense Systems, LLC), Industry Telecommunications2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% of Net Assets2023-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-11-012021-11-010001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 11.26% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+6352022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Consumer Products2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Seaway Buyer, LLC Maturity 06/13/2029 Chemical ,Plastic and Rubber Current Coupon 11.52% Basis Point Spread Above Index 3M SOFR +6152023-12-310001383414Related Party PSLF Liabilities in Excess of Other Assets — (779.4)%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NORA Parent Holdings, LLC Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Any Hour Services (Revolver) Maturity 07/21/2027 Personal, Food and Miscellaneous Services2023-12-310001383414Related Party PSLF Total Investments 783.7%2023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:PennantParkSeniorLoanFundLLCMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Ad.net Holdings, Inc. Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, EDS Topco, LP, Industry Aerospace and Defense2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 10.76% Basis Point Spread Above Index SFR+5252022-10-012023-09-300001383414pnnt:TruistCreditFacilityMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% PL Acquisition co, LLC - Preferred Equity Business Services Retail2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LAV Gear Holdings, Inc., Maturity/Expiration 10/31/2025, Industry Leisure, Amusement, Motion Pictures, Entertainment, Current Coupon 11.81%, Basis Point Spread Above Index 1M SOFR+6402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+5602023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% AFC Acquisitions, Inc. Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Delta InvestCo LP One (Sigma Defense Systems, LLC), Industry Telecommunications2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414pnnt:AerospaceAndDefenseMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Business Services Current Coupon 11.85% Basis Point Spread Above Index SOFR+6502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Meadowlark Acquirer, LLC - Revolver, Maturity/Expiration 12/10/2027, Industry Business Services2023-10-012023-12-310001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC-Funded Revolver Maturity 03/01/2028 Business Services Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR +5652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Infogroup Parent Holdings, Inc. (Data Axle, Inc.) Other Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Kinetic Purchaser, LLC - Revolver, Maturity/Expiration 11/10/2026, Industry Consumer Products2023-12-310001383414pnnt:DebtInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% LEP Pequod Holdings, LP Financial Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Hancock Claims Consultants Investors, LLC, Industry Insurance2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% CF512, Inc. Maturity 08/20/2026 Media Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6192023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Products Current Coupon 11.06% Basis Point Spread Above Index SOFR+5652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Personal, Food and Miscellaneous Services Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+6852022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SP L2 Holdings, LLC Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Mars Intermidiate Holdings II, Inc., Industry Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc.(Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SSC Dominion Holdings, LLC Class B (US Dominion, Inc.) Electronics2023-12-310001383414pnnt:InvestmentsCostMember2023-12-310001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2022-10-012022-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 10.90% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% EDS Buyer, LLC - Unfunded Term Loan Maturity 12/22/2028 Aerospace and Defense 2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4%2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Electro Rent Corporation Maturity 1/17/2024 Industry Electronics Current Coupon 10.93% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Inventus Power, Inc. - Revolver, Maturity/Expiration 06/30/2025, Industry Electronics2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lightspeed Buyer Inc. - Revolver, Maturity/Expiration 02/03/2026, Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMembersrt:MinimumMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001383414pnnt:SeniorSecuritiesMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OHCP V BC COI, L.P. One, Industry Distribution2023-10-012023-12-310001383414pnnt:AutoSectorMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Magnolia Topco LP - Class A Industry Auto Sector2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—113.2% Ox Two ,LLC Revolver Maturity 05/18/2026 Building Materials2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, K2 Pure Solutions NoCal, L.P. - Revolver, Maturity/Expiration 01/31/2024, Industry Chemicals, Plastics and Rubber2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Consumer Products2023-09-300001383414pnnt:DebtInvestmentsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lash OpCo, LLC - Revolver, Maturity/Expiration 08/16/2026, Industry Consumer Products, Current Coupon 12.53%, Basis Point Spread Above Index 1M SOFR+7002023-10-012023-12-310001383414pnnt:IncentiveFeePaymentConditionOneMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Global Holdings InterCo LLC Maturity 03/16/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.46% Basis Point Spread Above Index SOFR+6102023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/31/2027 Home and Office Furnishings2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. Maturity 03/03/2028 Business Services Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lightspeed Investment Holdco LLC Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LLC Unfunded Term Loan Maturity 07/06/2028 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—93.2%2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Products Current Coupon 11.77% Basis Point Spread Above Index SOFR+6402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% QuantiTech InvestCo LP Aerospace and Defense 12023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Seaway Topco, LP Chemicals, Plastics and Rubber2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Financial Services Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% RFMG Parent, LP (Rancho Health MSO, Inc.) Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Zips Car Wash, LLC Maturity 03/01/2024 Auto Sector Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR +7352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Aegis Technologies Group, LLC Maturity 10/31/2025 Aerospace and Defense Current Coupon 11.66% Basis Point Spread Above Index 3M SOFR+6652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Kinetic Purchaser, LLC Consumer Products2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.24% Basis Point Spread Above Index SOFR+6852022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo LP Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Questex , LLC Maturity 09/9/2024 Media Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+4402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Plimpton & Hills Corporation - Unfunded Term Loan Maturity 11/07/2025 Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rural Sourcing Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2029 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc. (Revolver) Maturity 02/27/2026 Electronics Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+5852022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC, Maturity/Expiration 12/17/2026, Industry Business Services, Current Coupon 11.50%, Basis Point Spread Above Index 1M SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc Maturity 09/28/2027 Distribution Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+5152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NEPRT Parent Holdings, LLC (Recteq, LLC) Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Mars Intermediate Holdings II, Inc Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NORA Acquisition, LLC Maturity 08/31/2029 Healthcare, Education and Childcare Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronics Current Coupon 12.96% Basis Point Spread Above Index SOFR+7502023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Financial Services Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquityFundsMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+5252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Any Hour Services Maturity 07/21/2027 Personal, Food and Miscellaneous Services Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Reception Purchaser, LLC Maturity 02/28/2028 Transportation Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Atlas Purchaser, Inc Maturity 05/07/2029 Telecommunications Current Coupon 14.64% Basis Point Spread Above Index 3M SOFR+9002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Subordinated Debt/Corporate Notes—9.8% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/21/2024 Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Hancock Roofing and Construction L.L.C., Maturity/Expiration 12/31/2026, Industry Insurance, Current Coupon 10.96%, Basis Point Spread Above Index 1M SOFR+5602023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Berwick Industrial Park Maturity 05/02/2024 Buildings and Real Estate Current Coupon 11.50%2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.65% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. One, Maturity/Expiration 12/28/2028, Industry Personal, Food and Miscellaneous Services, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Cartessa Aesthetics, LLC Distribution2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% ENC Parent Corporation Maturity 08/19/2029 Business Services Current Coupon 13.15% Basis Point Spread Above Index 3M SOFR+7762023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Media2022-10-012023-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414Related Party PSLF Investments and Cash Equivalents - 879.4%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2024 Industry Distribution Current Coupon 11.79% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR +5652023-12-310001383414us-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberpnnt:SecondLienMember2023-12-310001383414Related Party PSLF Total Investments 826.4%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, AMCSI Crash Co-Invest, LP One, Industry Auto Sector2023-12-310001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LSF9 Atlantis Holdings, LLC, Maturity/Expiration 03/31/2029, Industry Retail, Current Coupon 12.60%, Basis Point Spread Above Index 3M SOFR+7252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemicals, Plastics and Rubber2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Manufacturing / Basic Industries Current Coupon 11.96% Basis Point Spread Above Index SOFR+6502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare , Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name S101 Holdings Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Manufacturing / Basic Industries Current Coupon 11.93% Basis Point Spread Above Index SOFR+6502023-09-300001383414Liabilities in Excess of Other Assets—(127.1%) of Net Assets2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMembersrt:WeightedAverageMember2023-12-310001383414Non-Affiliated Investments2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMembersrt:WeightedAverageMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5512023-09-3000013834142022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OSP Embedded Aggregator, LP, Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% QuantiTech LLC Maturity 02/04/2027 Aerospace and Defense Current Coupon 15.47% Basis Point Spread Above Index 3M SOFR+10102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Icon Partners V C, L.P. One, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% WCP Ivyrehab QP CF Feeder, LP - Unfunded Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Pink Lily Holdco, LLC Retail2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services Current Coupon 12.52% (PIK 0.5%) Basis Point Spread Above Index 3M SOFR+7752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Questex , LLC (Revolver) Maturity 09/9/2024 Media2023-10-012023-12-310001383414pnnt:IncentiveFeePaymentConditionThreeMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Kinetic Purchaser, LLC (Revolver) Maturity 11/10/2026 Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Business Services2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, HPA SPQ Aggregator LP- Common Equity, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC Maturity 12/17/2026 Business Services2023-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Icon Partners V C, L.P. Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Media Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+6652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LLC Maturity 07/06/2028 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% First Lien Secured Debt—20.3% AKW Holdings Limited Maturity/Expiration 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Consumer Products2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution2023-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:MailsouthIncMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC - (Revolver) Maturity 12/17/2026 Business Services Current Coupon 11.79% Basis Point Spread Above Index 3M L+6252023-09-300001383414Related Party PSLF Investments and Cash Equivalents - 841.3%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HW Holdco, LLC - Revolver One, Maturity/Expiration 12/10/2024, Industry Media2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC Maturity 02/18/2027 Consumer Products Current Coupon 11.88% Basis Point Spread Above Index 1M SOFR+7002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OHCP V BC COI, L.P., Industry Distribution2023-10-012023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution One2022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% Cascade Environmental Holdings, LLC Environmental Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 09/17/2026 Distribution Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+5252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infolinks Media Buyco, LLC Maturity 11/01/2026 Media Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Medina Health, LLC - Revolver One, Maturity/Expiration 10/20/2028, Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MDI Buyer, Inc. - Revolver One, Maturity/Expiration 07/25/2028, Industry Chemicals, Plastics and Rubber2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Consello Pacific Aggregator, LLC, Industry Business Services2023-10-012023-12-310001383414pnnt:EnvironmentalServicesMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.40% Basis Point Spread Above Index SOFR+4752022-10-012023-09-300001383414us-gaap:FairValueInputsLevel2Member2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% MDI Aggregator, LP Chemicals, Plastics and Rubber2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% of Net Assets2023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueInputsLevel3Member2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% North Haven Saints Equity Holdings, LP Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media2023-12-310001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2023-12-310001383414pnnt:ClassCMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% AH Newco Equity holdings, LLC Healthcare, Education and Childcare Current Coupon 6.00%2023-09-300001383414pnnt:HomeAndOfficeFurnishingsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Personal, Food and Miscellaneous Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Personal, Food and Miscellaneous Services Current Coupon 12.56%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Services Current Coupon 11.77% Basis Point Spread Above Index SOFR+6652022-10-012023-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc.(Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Meadowlark Title, LLC, Industry Business Services2023-10-012023-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, IG Investments Holdings, LLC - Revolver, Maturity/Expiration 09/22/2027, Industry Business Services2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Imagine Topco, LP Preferred Business Services Current Coupon 8.00%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Business Services Current Coupon 12.70% Basis Point Spread Above Index SOFR+7252023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Common Equity/Partnership Interests/Warrants—0% Cascade Environmental Holdings, LLC Industry Environmental Services2023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2%2023-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Kinetic Purchaser, LLC, Industry Consumer Products2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services 2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 10.68% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4% PennantPark Senior Loan Fund, LLC Maturity 07/31/2027 Financial Services Current Coupon 13.37% Basis Point Spread Above Index 3M L+8002022-10-012023-09-300001383414pnnt:ClassCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-260001383414srt:MinimumMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Carisk Parent, L.P. - Common Equity, Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Ox Two ,LLC. Maturity 05/18/2026 Building Materials Current Coupon 12.90% Basis Point Spread Above Index 1M SOFR+7512023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.54% Basis Point Spread Above Index SOFR+5512023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Quad (U.S.) Co-Invest, L.P. Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Connatix Parent, LLC Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR +5652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 11.79% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1%2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name SpendMend Holdings. LLC Maturity 3/1/2028 Industry Business Services Current Coupon 11.01% Basis Point Spread Above Index SOFR+5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pequod Merger Sub, Inc. Revolver Maturity 12/02/2026 Financial Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC One, Maturity/Expiration 12/17/2026, Industry Business Services2023-12-310001383414pnnt:TruistCreditFacilityMember2023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/31/2027 Home and Office Furnishings2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Integrity Marketing Acquisition, LLC - Unfunded Term Loan, Maturity/Expiration 08/31/2025, Industry Insurance2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% QuantiTech InvestCo LP Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemicals, Plastics and Rubber2023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Subordinated Debt—20.5% PennantPark Senior Loan Fund, LLC Maturity/Expiration 07/31/2027 Industry Financial Services Current Coupon 13.38% Basis Point Spread Above Index 3M SOFR+8002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Personal and Non-Durable Consumer Products2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5752023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Distribution Current Coupon 10.99% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Business Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352022-10-012023-09-300001383414pnnt:OtherMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Quantic Electronics, LLC Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Chemicals ,Plastic and Rubber2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Connatix Parent, LLC Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Business Services 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Healthcare, Education and Childcare2023-09-300001383414us-gaap:FairValueInputsLevel3Member2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.70% Basis Point Spread Above Index SOFR+6252023-09-300001383414pnnt:DistributionMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Cartessa Aesthetics, LLC Distribution2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Mars Acquisition Holdings Corp., Maturity/Expiration 05/14/2026, Industry Media, Current Coupon 11.00%, Basis Point Spread Above Index 3M SOFR+5652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MBS Holdings, Inc. - Revolver One, Maturity/Expiration 04/16/2027, Industry Telecommunications2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.20% Basis Point Spread Above Index SOFR+6852023-12-310001383414pnnt:SBADebenturesMemberpnnt:SBICMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index SOFR+5762023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Graffiti Buyer, Inc., Maturity/Expiration 08/10/2027, Industry Distribution, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5602023-10-012023-12-310001383414pnnt:PersonalAndNonDurableConsumerProductsMember2023-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Insurance Coupon 10.92% Basis Point Spread Above Index 1M L+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Wildcat Buyerco, Inc (Revolver) Maturity 02/27/2026 Electronics2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverside Assessments, LLC Maturity 03/10/2025 Education Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5752023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 12.54% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% AH Newco Equity holdings, LLC Healthcare, Education and Childcare Current Coupon 6.00%2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC Maturity 08/27/2026 Personal and Non-Durable Consumer Products2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name IG Investments Holdings, LLC Maturity 9/22/2028 Industry Business Services Current Coupon 11.45% Basis Point Spread Above Index SOFR+6002023-10-012023-12-310001383414Cash and Cash Equivalents—7.7% BlackRock Federal FD Institutional 302023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics Current Coupon 11.92% Basis Point Spread Above Index 3M SOFR+6602023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Preferred Equity/Partnership Interests—5.9% of Net Assets2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2024 Industry Distribution Current Coupon 11.79% Basis Point Spread Above Index SOFR+6252023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:AKWHoldingsLimitedMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LSF9 Atlantis Holdings, LLC Maturity 03/31/2029 Retail Current Coupon 12.64% Basis Point Spread Above Index 3M SOFR+7252023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Signature Systems Holding Company Maturity 5/3/2024 Industry Chemicals, Plastics and Rubber Current Coupon 12.00% Basis Point Spread Above Index SOFR+6652023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemical ,Plastic and Rubber2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% AKW Holdings Limited Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Aeronix, Inc. - Unfunded Revolver Maturity 12/12/2028 Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% IHS Parent Holdngs, L.P. Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% AG Investco LP Business Services One2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Bioderm, Inc. Maturity 1/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502023-10-012023-12-310001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001383414pnnt:BusinessServicesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. Maturity 07/25/2028 Chemicals, Plastics and Rubber Current Coupon 11.27% Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberpnnt:WalkerEdisonFurnitureCompanyLLCMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal and Non-Durable Consumer Product Current Coupon 11.20% Basis Point Spread Above Index SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ETE Intermediate II, LLC (Revolver) Maturity 5/25/2029 Personal, Food and Miscellaneous Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AMCSI Crash Co-Invest, LP Auto Sector One2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Pragmatic Institute, LLC Business Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% Basis Point Spread Above Index SOFR+5652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% DRS Holdings III, Inc. Maturity 11/03/2025 Consumer Products Current Coupon 11.75% Basis Point Spread Above Index 3M SOFR+6402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Retail2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare, Education and Childcare Current Coupon 10.71% Basis Point Spread Above Index SOFR+5352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% System Planning and Analysis, Inc. - (Revolver) (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Aerospace and Defense2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Second Lien Secured Debt—0%2023-09-300001383414Related Party PSLF Cash and Cash Equivalents - 57.6% Issuer Name BlackRock Federal FD Institutional 302023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Business Services Current Coupon 11.59% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC Maturity 12/18/2025 Telecommunications Current Coupon 14.04% Basis Point Spread Above Index 3M SOFR+8652022-10-012023-09-300001383414Total Investments and Cash Equivalents—227.1% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. Maturity 09/28/2027 Distribution Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+5652023-09-300001383414Cash and Cash Equivalents—7.4% Non-Money Market Cash2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services2023-12-310001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Atlas Investment Aggregator, LLC Telecommunications2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Kinetic Purchaser, LLC Consumer Products2022-10-012023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Second Lien Secured Debt—0% Mailsouth Inc Maturity 04/23/2025 Printing and Publishing2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC Maturity 08/30/2027 Business Services Current Coupon 11.93% Basis Point Spread Above Index 1M SOFR+6352023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.70% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Kentucky Racing Holdco, LLC (Warrants), Industry Hotels, Motels, Inns and Gaming2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2% Walker Edison Furniture Company LLC Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+6852023-12-310001383414pnnt:ElectronicsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, HPA SPQ Aggregator LP- Common Equity, Industry Business Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Healthcare, Education and Childcare Current Coupon 10.75% Basis Point Spread Above Index SOFR+5152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Imagine Topco, LP Business Services Current Coupon 8.00%2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Urology Management Holdings, Inc Maturity 06/15/2026 Healthcare , Education and Childcare Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR +6652023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Second Lien Secured Debt—0.0% of Net Assets2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% of Net Assets2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% MSpark, LLC Printing and Publishing2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 6/10/2025 Industry Media Current Coupon 11.45% Basis Point Spread Above Index SOFR+6102023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Any Hour Services Maturity 07/21/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 11.23% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 12/18/2025 Healthcare, Education and Childcare2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Telecommunications Current Coupon 11.22% Basis Point Spread Above Index SOFR+5752023-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquityFundsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, NORA Parent Holdings, LLC, Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 05/23/2024 Media2023-12-310001383414us-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMemberpnnt:ClassA2Member2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Cowboy Parent LLC (Blackhawk Industrial Distribution, Inc.), Industry Distribution2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Telecommunications Current Coupon 11.22% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index SOFR+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ITC Rumba, LLC (Cano Health, LLC) Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Applied Technical Services, LLC Maturity 12/29/2026 Environmental Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMembersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMember2023-09-300001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberpnnt:SecondLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% System Planning and Analysis, Inc. - (Revolver) (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% QuantiTech InvestCo II LP Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Beta Plus Technologies, Inc. Maturity 07/01/2029 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NEPRT Parent Holdings, LLC (Recteq, LLC) Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Icon Partners V C, L.P., Industry Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Crane 1 Services, Inc. Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 10.36% Basis Point Spread Above Index SOFR+5012023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Schlesinger Coinvest, LLC Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services One2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberpnnt:SecondLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC - (Revolver) Maturity 12/22/2028 Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, BioDerm, Inc., Industry Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, K2 Pure Solutions NoCal, L.P., Maturity/Expiration 01/31/2024, Industry Chemicals, Plastics and Rubber, Current Coupon 15.46%, Basis Point Spread Above Index 3M SOFR+10102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Burgess Point Purchaser Corporation Maturity 07/28/2030 Auto Sector Current Coupon 14.46% Basis Point Spread Above Index 3M SOFR+9102023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Magnolia Topco LP - Class B Common Equity Auto Sector2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC Maturity 02/18/2027 Consumer Products Current Coupon 11.88% Basis Point Spread Above Index 1M SOFR+7002022-10-012023-09-300001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% WCP Ivyrehab QP CF Feeder, LP Healthcare, Education and Childcare2023-10-012023-12-310001383414pnnt:InvestmentsFairValueMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/03/2029 Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index 1M SOFR+6152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pragmatic Institute, LLC Unfunded Term Loan Maturity 07/06/2028 Business Services2023-12-310001383414pnnt:ClassDMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% LJ Avalon, LP Environmental Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services2023-10-012023-12-310001383414us-gaap:RetailMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Connatix Parent, LLC, Industry Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Kinetic Purchaser, LLC, Industry Consumer Products2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% MSpark, LLC Printing and Publishing2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Financial Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 10.43% Basis Point Spread Above Index SOFR+4752022-10-012023-09-300001383414pnnt:LongTermCreditFacilityMember2022-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:DebtInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% DRS Holdings III, Inc. Maturity 11/03/2025 Consumer Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Member2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Graffiti Buyer, Inc. - Revolver, Maturity/Expiration 08/10/2027, Industry Distribution, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5602023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LSF9 Atlantis Holdings, LLC, Maturity/Expiration 03/31/2029, Industry Retail, Current Coupon 12.60%, Basis Point Spread Above Index 3M SOFR+7252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare, Education and Childcare Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+5102022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Telecommunications Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Personal and Non-Durable Consumer Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber2023-10-012023-12-310001383414pnnt:MachineryMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Dr. Squatch, LLC Maturity 08/27/2026 Personal and Non-Durable Consumer Products 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Kinetic Purchaser, LLC Maturity 11/10/2027 Consumer Products Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6352023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Pequod Merger Sub, Inc. Maturity 12/2/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% AG Investco LP Business Services2023-10-012023-12-310001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC Maturity 06/13/2029 Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6052023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Urology Partners Co., L.P. Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% CF512, Inc. Maturity 08/20/2026 Media Current Coupon 11.59% Basis Point Spread Above Index 3M SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LSF9 Atlantis Holdings, LLC Maturity 03/31/2029 Retail Current Coupon 12.64% Basis Point Spread Above Index 3M SOFR+7252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+640 One2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare, Education and Childcare Current Coupon 12.64% Basis Point Spread Above Index SOFR+7152023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name S101 Holdings Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Education Current Coupon 10.80% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, eCommission Holding Corporation, Industry Financial Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lariat ecoserv Co-Invest Holdings, LLC Environmental Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5752023-09-300001383414us-gaap:ErrorCorrectionOtherMember2021-10-012022-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% MDI Aggregator, LP Chemicals, Plastics and Rubber2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Aerospace and Defense2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Business Services Current Coupon 12.70% Basis Point Spread Above Index SOFR+7252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Avenu Buyer, LLC Maturity 10/02/2029 Business Services Current Coupon 11.64% Basis Point Spread Above Index 3M SOFR+6252023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Home and Office Furnishings2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HW Holdco, LLC, Maturity/Expiration 12/10/2024, Industry Media, Current Coupon 11.81%, Basis Point Spread Above Index 3M SOFR+6402023-10-012023-12-310001383414pnnt:DistributionMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index SOFR+5762023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LLC Unfunded Term Loan Maturity 07/06/2028 Business Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/16/2029 Industry Professional Services Current Coupon 11.52% Basis Point Spread Above Index SOFR+6252023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Urology Management Holdings. Inc. Maturity 6/15/2026 Industry Healthcare, Education and Childcare Current Coupon 11.79% Basis Point Spread Above Index SOFR+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC(Revolver) Maturity 12/10/2024 Media2023-09-300001383414Related Party PSLF Members Equity - 100%2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Hancock Roofing and Construction L.L.C., Maturity/Expiration 12/31/2026, Industry Insurance, Current Coupon 10.96%, Basis Point Spread Above Index 1M SOFR+5602023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Arcfield Acquisition Corp Maturity 08/03/2029 Industry Aerospace and Defense Services Current Coupon 11.64% Basis Point Spread Above Index SOFR+6352023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.97% Basis Point Spread Above Index SOFR+4502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC Maturity 08/31/2027 Personal and Non-Durable Consumer Products Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+5852023-09-300001383414pnnt:SubordinatedNotesInPSLFMemberpnnt:InvestmentsCostMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lorient Peregrine Investments, LP Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% AFC Acquisitions, Inc. Distribution2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Five Star Buyer, Inc. Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.46 Basis Point Spread Above Index 3M SOFR+7102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC(Revolver) Maturity 08/31/2025 Insurance2022-10-012023-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberpnnt:CascadeEnvironmentalHoldingsLLCMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Exigo, LLC Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% UniVista Insurance Business Services2023-10-012023-12-310001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.(Revolver) Maturity 12/28/2028 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Magnolia Topco LP - Class A Common Equity Auto Sector2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Anteriad Holdings, LP (f/k/a Merit Direct Holdings, LP) Media2023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-11-012021-11-010001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Personal and Non-Durable Consumer Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Chemicals, Plastics and Rubber2023-09-3000013834142018-01-012018-01-010001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR +6102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ocean Sound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Radius Aerospace, Inc. Maturity 3/31/2025 Industry Aerospace and Defense Current Coupon 11.25% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Cowboy Parent LLC (Blackhawk Industrial Distribution, Inc.), Industry Distribution2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.16% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414us-gaap:RetailMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. Maturity 02/09/2026 Business Services Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+5552023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Distribution2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Products Current Coupon 11.77% Basis Point Spread Above Index SOFR+6402023-12-310001383414pnnt:AutoSectorMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% QuantiTech LLC Maturity 02/04/2027 Aerospace and Defense Current Coupon 15.47% Basis Point Spread Above Index 3M SOFR+10102023-12-310001383414pnnt:ElectronicsMember2023-09-300001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Telecommunications Current Coupon 11.29% Basis Point Spread Above Index SOFR+5852023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 12.00% Basis Point Spread Above Index SOFR+6652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TAC LifePort Holdings, LLC Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, EDS Topco, LP, Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare, Education and Childcare Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+5102023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 09/17/2026 Distribution2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LAV Gear Holdings, Inc., Maturity/Expiration 10/31/2025, Industry Leisure, Amusement, Motion Pictures, Entertainment, Current Coupon 11.81%, Basis Point Spread Above Index 1M SOFR+6402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Urology Management Holdings, Inc Maturity 06/15/2026 Healthcare , Education and Childcare Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR +6652023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.00% Basis Point Spread Above Index SOFR+6652023-12-310001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Integrity Marketing Acquisition, LLC - Unfunded Term Loan, Maturity/Expiration 08/31/2025, Industry Insurance2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Electronics2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Graffiti Buyer, Inc. - Revolver One, Maturity/Expiration 08/10/2027, Industry Distribution2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Zips Car Wash, LLC Maturity 03/01/2024 Auto Sector Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR +7352023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.32% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Tower Arch Infolinks Media, LP Media 12023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Business Services Current Coupon 11.15% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Neptune Flood Incorporated (Revolver) Maturity 05/09/2029 Insurance2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ORL Holdco, Inc. Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Crane 1 Services, Inc. Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 10.36% Basis Point Spread Above Index SOFR+5012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HW Holdco, LLC, Maturity/Expiration 12/10/2024, Industry Media, Current Coupon 11.81%, Basis Point Spread Above Index 3M SOFR+6402023-12-310001383414Investments—219.4% of Net Assets2023-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services Current Coupon 12.53% Basis Point Spread Above Index 3M SOFR +7152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Hancock Claims Consultants Investors, LLC Insurance2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distribution Current Coupon 11.39% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Manufacturing / Basic Industries Current Coupon 11.96% Basis Point Spread Above Index SOFR+6502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 11.22% Basis Point Spread Above Index SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LL (Revolver) Maturity 07/06/2028 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Mars Acquisition Holdings Corp. - Revolver, Maturity/Expiration 05/14/2026, Industry Media2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% Express Wash Acquisition Company, LLC Maturity 01/15/2029 Auto Sector Current Coupon 15.15% Basis Point Spread Above Index 3M SOFR+9762022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Delta InvestCo LP (Sigma Defense Systems, LLC) Telecommunications2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LLC Maturity 07/06/2028 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pragmatic Institute, LL (Revolver) Maturity 07/06/2028 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Subordinated Debt/Corporate Notes—9.8% Flock Financial, LLC Maturity 05/26/2027 Financial Services Current Coupon 14.50%2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.42% Basis Point Spread Above Index 3M SOFR+7102023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% StellPen Holdings, LLC (CF512, Inc.) Media2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pequod Merger Sub, Inc. Revolver Maturity 12/02/2026 Financial Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Riverside Assessments, LLC) Maturity 03/10/2025 Education Current Coupon 11.28% Basis Point Spread Above Index 3M SOFR+5902023-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 10.95% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% Express Wash Acquisition Company, LLC Maturity 01/15/2029 Auto Sector Current Coupon 15.15% Basis Point Spread Above Index 3M SOFR+9762023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2% Walker Edison Furniture Company LLC - Junior Revolver Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+6352023-12-310001383414us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Retail2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Personal, Food and Miscellaneous Services Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+6852023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Dr. Squatch, LLC Maturity 08/31/2027 Personal and Non-Durable Consumer Products Current Coupon 11.22 Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Meadowlark Acquirer, LLC Term Loan II, Maturity/Expiration 12/10/2027, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, GMP Hills, LP - Common Equity, Industry Distribution2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% Cascade Environmental Holdings, LLC - Series B Environmental Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ITC Rumba, LLC (Cano Health, LLC) Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SP L2 Holdings, LLC Consumer Products2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+5552022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% NBH Group LLC (Revolver) Maturity 08/19/2026 Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity Business Services2023-10-012023-12-310001383414Non-Affiliated Investments2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% A1 Garage Equity, LLC Personal, Food and Miscellaneous Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% North Haven Saints Equity Holdings, LP Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index SOFR+8002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SSC Dominion Holdings, LLC Class B (US Dominion, Inc.) Electronics2022-10-012023-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Integrity Marketing Acquisition, LLC, Maturity/Expiration 08/27/2026, Industry Insurance, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Confluent Health, LLC Maturity 11/30/2028 Healthcare, Education and Childcare Current Coupon 12.82% Basis Point Spread Above Index 3M SOFR+7502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% QuantiTech LLC Maturity 02/04/2027 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352022-10-012023-09-300001383414srt:OtherCurrencyMember2023-12-310001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Magnolia Topco LP - Class B Preferred Equity Auto Sector2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% TPC Holding Company, LP Food2023-10-012023-12-3100013834142022-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Delta InvestCo LP (Sigma Defense Systems, LLC) Telecommunications One2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc. Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Business Services2023-09-300001383414Related Party PSLF Liabilities in Excess of Other Assets — (779.4)%2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Burgess Point Holdings, LP, Industry Auto Sector2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC Maturity 12/29/2028 Machinery Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR +6002023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% First Lien Secured Debt—20.3% MidOcean JF Holdings Corp. Maturity/Expiration 07/31/2026 Industry Distribution Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+6052023-12-310001383414Cash and Cash Equivalents—7.7%2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMembersrt:WeightedAverageMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752023-12-310001383414pnnt:ConsumerProductsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lariat ecoserv Co-Invest Holdings, LLC Environmental Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 6/10/2025 Industry Media Current Coupon 11.79% Basis Point Spread Above Index SOFR+6752023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services Current Coupon 10.74% Basis Point Spread Above Index SOFR+5502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense2023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8% of Net Assets2023-09-300001383414Investments—219.4%2023-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Diversified Conglomerate Service Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5502023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Business Services Current Coupon 11.59% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+5012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Neptune Flood Incorporated Maturity 05/09/2029 Industry Financial Services, Current Coupon 11.97% Basis Point Spread Above Index SOFR+6602023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% EDS Topco, LP Aerospace and Defense2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:MeasurementInputMarketYieldMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Ad.net Holdings, Inc. Media2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Media Current Coupon 11.85% Basis Point Spread Above Index SOFR+6502023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Common Equity/Partnership Interests/Warrants—0% Cascade Environmental Holdings, LLC Industry Environmental Services2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% JF Intermediate, LLC Distribution2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, North Haven Saints Equity Holdings, LP, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Media Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+6652023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Education Current Coupon 10.75% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Chemicals, Plastics and Rubber2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Bioderm, Inc. Maturity 1/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense2023-12-310001383414pnnt:SubordinatedNotesInPSLFMemberpnnt:InvestmentsFairValueMember2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2022-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 10.52% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Mars Acquisition Holdings Corp., Maturity/Expiration 05/14/2026, Industry Media, Current Coupon 11.00%, Basis Point Spread Above Index 3M SOFR+5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Plimpton & Hills Corporation - Unfunded Term Loan Maturity 11/07/2025 Distribution2023-10-012023-12-310001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Telecommunications Current Coupon 14.04% Basis Point Spread Above Index 3M SOFR+8652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% AFC Dell Holding Corp. Maturity 04/09/2027 Distribution Current Coupon 11.72% Basis Point Spread Above Index 3M SOFR+6402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Telecommunications2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Holdco Sands Intermediate, LLC - Revolver, Maturity/Expiration 11/23/2027, Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% PennantPark Senior Loan Fund, LLC Financial Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Inception Fertility Ventures, LLC Maturity 12/07/2023 Healthcare, Education and Childcare Coupon 12.49% Basis Point Spread Above Index 3M SOFR+7152023-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Telecommunications Current Coupon 14.04% Basis Point Spread Above Index 3M SOFR+8652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TWD Parent Holdings, LLC Business Services2022-10-012023-09-300001383414pnnt:TruistCreditFacilityMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Aerospace and Defense2023-12-310001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:TruistCreditFacilityMember2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Home and Office Furnishings2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, ITI Holdings, Inc., Maturity/Expiration 03/03/2028, Industry Business Services, Current Coupon 11.02%, Basis Point Spread Above Index 3M SOFR+5652023-12-310001383414pnnt:OtherMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC-Unfunded Term Loan 2 Maturity 12/29/2025 Diversified Conglomerate Service 2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4% of Net Assets2023-09-300001383414pnnt:InvestmentAdministratorMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communication Current Coupon 12.53% Basis Point Spread Above Index SOFR+7002023-12-310001383414Minimum Qualifying Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. One, Maturity/Expiration 12/28/2028, Industry Personal, Food and Miscellaneous Services, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% PL Acquisition co, LLC - Preferred Equity Business Services Retail2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Icon Partners V C, L.P. Business Services One2023-09-300001383414pnnt:SBADebenturesMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Connatix Buyer, Inc. (Revolver) Maturity 07/13/2027 Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MBS Holdings, Inc. - Revolver, Maturity/Expiration 04/16/2027, Industry Telecommunications, Current Coupon 11.21%, Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Inception Fertility Ventures, LLC Maturity 12/07/2023 Healthcare, Education and Childcare Coupon 12.49% Basis Point Spread Above Index 3M SOFR+7152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% AG Investco LP Business Services2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Common Equity/Partnership Interests/Warrants—0% of Net Assets2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 11.42% Basis Point Spread Above Index SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Delta InvestCo LP (Sigma Defense Systems, LLC) Telecommunications2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 06/16/2023 Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Best Practice Associates LLC Maturity 06/29/2027 Aerospace and Defense Current Coupon 14.54% Basis Point Spread Above Index 3M SOFR+9152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% UniVista Insurance Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Chemicals, Plastics and Rubber2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TAC LifePort Holdings, LLC Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% BioDerm, Inc. Healthcare, Education and Childcare2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.46% Basis Point Spread Above Index SOFR+7002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Inventus Power, Inc. Maturity 06/30/2025 Electronics Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+7612023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) Transportation2023-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TwoThousandAndTwentySixNotesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Medina Health, LLC - Revolver, Maturity/Expiration 10/20/2028, Industry Healthcare, Education and Childcare, Current Coupon 11.60%, Basis Point Spread Above Index 3M SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Cowboy Parent LLC (Blackhawk Industrial Distribution, Inc.) Distribution2022-10-012023-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel2Member2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Environmental Services2023-09-300001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMemberpnnt:ClassA2Member2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 02/01/2024 Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% System Planning and Analysis, Inc. - (Revolver) (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Ox Two ,LLC. Maturity 05/18/2026 Building Materials Current Coupon 12.90% Basis Point Spread Above Index 1M SOFR+7512023-12-310001383414Investments and Cash Equivalents—250% of Net Assets2023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare, Education and Childcare Current Coupon 10.71% Basis Point Spread Above Index SOFR+5352023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TWD Parent Holdings, LLC Business Services2023-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% U.S. Government Securities—19.9% U.S. Treasury Bill Maturity 10/19/2023 Short-Term U.S. Government Securities Current Coupon 5.31%2022-10-012023-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2023-09-300001383414Net Assets—100.0%2023-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. - Unfunded Term Loan, Maturity/Expiration 02/15/2024, Industry Personal, Food and Miscellaneous Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 02/01/2024 Healthcare , Education and Childcare2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.93% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Quad (U.S.) Co-Invest, L.P. Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Personal, Food and Miscellaneous Services Current Coupon 11.99% Basis Point Spread Above Index 3M SOFR+6602023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Media2022-10-012023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% MSpark, LLC Printing and Publishing2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 09/17/2026 Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, ORL Holdco, Inc., Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Magnolia Topco LP - Class A Industry Auto Sector2023-12-310001383414us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pacific Purchaser, LLC - Unfunded Revolver Maturity 09/30/2028 Business Services 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Revolver Maturity 2/27/2027 Electronics2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% PennantPark Senior Loan Fund, LLC2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.95% Basis Point Spread Above Index SOFR+5502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Broder Bros., Co. Maturity 12/04/2025 Consumer Products Current Coupon 11.65% Basis Point Spread Above Index 3M SOFR+6262023-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Common Equity/Partnership Interests/Warrants—0% Walker Edison Furniture Industry Home and Office Furnishings2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Graffiti Buyer, Inc., Maturity/Expiration 08/10/2027, Industry Distribution, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5602023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lightspeed Investment Holdco LLC Healthcare, Education and Childcare2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% QuantiTech LLC Maturity 02/04/2027 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352023-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt-113.2% The Bluebird Group LLC (Revolver) Maturity 7/27/2026 Business Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.93% Basis Point Spread Above Index SOFR+4502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Holdco Sands Intermediate, LLC - Revolver, Maturity/Expiration 11/23/2027, Industry Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+6652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrated Data Services - Term Loan Maturity 08/01/2029 Business Services Current Coupon 11.87% Basis Point Spread Above Index 3M SOFR+6502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Aeronix, Inc. - Unfunded Revolver Maturity 12/12/2028 Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Connatix Buyer, Inc. (Revolver) Maturity 07/13/2027 Media 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Business Services2023-09-300001383414ontrolled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Burgess Point Purchaser Corporation Maturity 07/28/2030 Auto Sector Current Coupon 14.42% Basis Point Spread Above Index 3M SOFR+9152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc - Unfunded Term Loan A Maturity 06/16/2023 Distribution2023-12-310001383414pnnt:SubordinatedNotesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Ad.net Holdings, Inc. Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sigma Defense Systems, LLC Maturity 12/18/2027 Telecommunications Current Coupon 12.50% Basis Point Spread Above Index 1M SOFR +7152023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 11.24% Basis Point Spread Above Index SOFR+5502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Shiftkey, LLC Maturity 06/21/2027 Business Services Current Coupon 11.36% Basis Point Spread Above Index 3M SOFR +6012023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronics Current Coupon 12.92% Basis Point Spread Above Index SOFR+7502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC(Revolver) Maturity 08/31/2025 Insurance2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc. Maturity 02/27/2026 Electronics Current Coupon 10.57% Basis Point Spread Above Index 3M SOFR+5152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rural Sourcing Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2029 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Unfunded Revolver Maturity 12/01/2029 Electronics2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Broder Bros., Co. Maturity 12/01/2029 Healthcare, Education and Childcare Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMembersrt:WeightedAverageMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge ETE Blocker, LLC - Common Equity, Industry Personal, Food and Miscellaneous Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 05/23/2024 Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% WCP Ivyrehab QP CF Feeder, LP - Unfunded Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Distribution2023-12-310001383414pnnt:DebtInvestmentsMemberus-gaap:FairValueInputsLevel3Member2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% QuantiTech InvestCo LP Aerospace and Defense 12023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Questex , LLC Maturity 09/9/2024 Media Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+4402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Infogroup Parent Holdings, Inc. (Data Axle, Inc.), Industry Other Media2023-10-012023-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 11.45% Basis Point Spread Above Index SOFR+6102023-12-310001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6052023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Kinetic Purchaser, LLC, Maturity/Expiration 11/10/2027, Industry Consumer Products, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LJ Avalon Holdings, LLC - Unfunded Term Loan, Maturity/Expiration 07/31/2024, Industry Environmental Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pacific Purchaser, LLC - Unfunded Revolver Maturity 09/30/2028 Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distribution Current Coupon 11.10% Basis Point Spread Above Index SOFR+5752023-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:PennantParkSeniorLoanFundLLCMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ETE Intermediate II, LLC (Revolver) Maturity 05/25/2029 Personal, Food and Miscellaneous Services 2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/21/2024 Personal, Food and Miscellaneous Services2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Preferred Equity/Partnership Interests—5.9% Cascade Environmental Holdings, LLC Industry Environmental Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Business Services2023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8% AKW Holdings Limited Maturity 3/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.21% Basis Point Spread Above Index 3M L+7002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Municipal Emergency Services, Inc. Distribution2023-09-300001383414srt:MaximumMemberpnnt:TruistCreditFacilityMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Meadowlark Acquirer, LLC, Maturity/Expiration 12/10/2027, Industry Business Services, Current Coupon 10.66%, Basis Point Spread Above Index 3M SOFR+5652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. - Revolver, Maturity/Expiration 12/28/2028, Industry Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Connatix Buyer, Inc. (Revolver) Maturity 07/13/2027 Media2023-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionOneMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Business Services Current Coupon 11.10% Basis Point Spread Above Index SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Healthcare, Education and Childcare2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Neptune Flood Incorporated Maturity 05/09/2029 Industry Financial Services, Current Coupon 11.72% Basis Point Spread Above Index SOFR+6352023-12-310001383414pnnt:EquityInterestsInPSLFMember2023-12-310001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310001383414us-gaap:ErrorCorrectionOtherMember2022-10-012022-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.93% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% K2 Pure Solutions NoCal, L.P. Maturity 12/20/2023 Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index 1M SOFR+8102022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 11.42% Basis Point Spread Above Index SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge ETE Blocker, LLC - Common Equity Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics Current Coupon 11.92% Basis Point Spread Above Index 3M SOFR+6602023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC Maturity 12/01/2029 Electronics Current Coupon 11.38% Basis Point Spread Above Index 3M SOFR +6002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% eCommission Holding Corporation Financial Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Mars Intermediate Holdings II, Inc. Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC - (Revolver) Maturity 12/22/2028 Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Financial Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ORL Acquisition, Inc. Maturity 09/03/2027 Business Services Current Coupon 12.84% Basis Point Spread Above Index 3M SOFR+7252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC Maturity 08/30/2027 Business Services Current Coupon 11.71% Basis Point Spread Above Index 1M SOFR +6352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Go Dawgs Capital III, LP (American Insulated Glass, LLC), Industry Building Materials2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense Current Coupon 11.29% Basis Point Spread Above Index 3M SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% CF512, Inc.(Revolver) Maturity 08/20/2026 Media 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, NORA Parent Holdings, LLC, Industry Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media Current Coupon 11.65% Basis Point Spread Above Index 3M SOFR+6262023-09-300001383414pnnt:SubordinatedNotesMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index SOFR+8002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.24% Basis Point Spread Above Index SOFR+6852023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5552023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name STV Group Incorporated Maturity 12/11/2026 Industry Transportation Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc (Revolver) Maturity 09/28/2027 Distribution2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% NBH Group LLC (Revolver) Maturity 08/19/2026 Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LJ Avalon Holdings, LLC - Revolver, Maturity/Expiration 01/31/2030, Industry Environmental Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Business Services Current Coupon 10.70% Basis Point Spread Above Index 1M SOFR+5602023-09-300001383414Non-Qualifying Assets2023-12-310001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Compex Legal Services, Inc. Maturity 02/09/2026 Business Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5552023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber2022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company LLC - Junior Revolver Maturity 03/31/2027 Home and Office Furnishings Current Coupon 11.68% Basis Point Spread Above Index SOFR+6852023-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueInputsLevel2Member2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. - Unfunded Term Loan, Maturity/Expiration 02/15/2024, Industry Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC Maturity 12/01/2029 Electronics Current Coupon 11.38% Basis Point Spread Above Index 3M SOFR +6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC Maturity 12/29/2028 Machinery2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Revolver Maturity 12/01/2029 Electronics Current Coupon 11.38% Basis Point Spread Above Index 3M SOFR +6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Meadowlark Acquirer, LLC Term Loan II, Maturity/Expiration 12/10/2027, Industry Business Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Products Current Coupon 11.77% Basis Point Spread Above Index SOFR+6402023-10-012023-12-310001383414pnnt:PennantParkCloViiMembersrt:SubsidiariesMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% TPC Holding Company, LP Food2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, AMCSI Crash Co-Invest, LP, Industry Auto Sector2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.64% Basis Point Spread Above Index SOFR+5262023-10-012023-12-310001383414Affiliated Investments2023-12-310001383414nvestments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Kentucky Racing Holdco, LLC (Warrants) Hotels, Motels, Inns and Gaming2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverside Assessments, LLC Maturity 03/10/2025 Education Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% LAV Gear Holdings, Inc. Maturity 10/31/2024 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.79% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+6402023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMember2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC Maturity 06/13/2029 Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6052022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, ITI Holdings, Inc. - Revolver One, Maturity/Expiration 03/03/2028, Industry Business Services2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberpnnt:FirstLienMember2023-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:PennantParkSeniorLoanFundLLCMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC - (Revolver) Maturity 12/17/2026 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Preferred Equity/Partnership Interests—5.9% Cascade Environmental Holdings, LLC - Series B Industry Environmental Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Retail2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name STV Group Incorporated Maturity 12/11/2026 Industry Transportation Current Coupon 10.71% Basis Point Spread Above Index SOFR+5352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution One2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Healthcare, Education and Childcare Current Coupon 10.75% Basis Point Spread Above Index SOFR+5152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Inventus Power, Inc. - Revolver, Maturity/Expiration 06/30/2025, Industry Electronics2023-12-310001383414pnnt:ClassA1BMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-260001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC Maturity 12/29/2028 Machinery2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc. (Revolver) Maturity 02/27/2026 Electronics2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% RFMG Parent, LP (Rancho Health MSO, Inc.) Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communication Current Coupon 12.53% Basis Point Spread Above Index SOFR+7002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge Schlesinger Coinvest, LLC (TVC Enterprises, LLC), Industry Business Services2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Subordinated Debt—20.5%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—15.7% Halo Buyer, Inc. Maturity 07/06/2026 Consumer Products Current Coupon 13.71% Basis Point Spread Above Index 1M SOFR+8352023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Transportation Current Coupon 11.68% Basis Point Spread Above Index SOFR+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.60% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ETE Intermediate II, LLC (Revolver) Maturity 05/25/2029 Personal, Food and Miscellaneous Services 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, North Haven Saints Equity Holdings, LP, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, ITI Holdings, Inc. - Revolver, Maturity/Expiration 03/03/2028, Industry Business Services, Current Coupon 12.07%, Basis Point Spread Above Index 3M SOFR+5602023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Medina Health, LLC, Maturity/Expiration 10/20/2028, Industry Healthcare, Education and Childcare, Current Coupon 11.60%, Basis Point Spread Above Index 3M SOFR+6252023-10-012023-12-310001383414pnnt:IncentiveFeePaymentConditionTwoMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Hancock Roofing and Construction L.L.C.(Revolver) Maturity 12/31/2026 Insurance2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services One2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Tyto Athene, LLC (New Issue) - Funded Revolver Maturity 04/01/2026 Aerospace and Defense Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR +5652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+6502023-12-310001383414pnnt:USGovernmentSecuritiesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Any Hour Services (Revolver) Maturity 07/21/2027 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare , Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NORA Acquisition, LLC Maturity 08/31/2029 Healthcare, Education and Childcare Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Wildcat Buyerco, Inc Maturity 2/27/2027 Electronics Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR +5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+6652023-10-012023-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Broder Bros., Co. Maturity 12/04/2025 Industry Personal and Non-Durable Consumer Products Current Coupon 11.65% Basis Point Spread Above Index SOFR+6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Consumer Products2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal and Non-Durable Consumer Product Current Coupon 11.24% Basis Point Spread Above Index SOFR+5752023-09-300001383414Non-controlled Investments2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Questex, LLC (Revolver) Maturity 09/09/2024 Media2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronics Current Coupon 12.92% Basis Point Spread Above Index SOFR+7502023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Radius Aerospace, Inc. Maturity 3/31/2025 Industry Aerospace and Defense Current Coupon 11.29% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Personal, Food and Miscellaneous Services Current Coupon 12.56%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Go Dawgs Capital III, LP (American Insulated Glass, LLC) Building Materials2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rural Sourcing Holdings, Inc. (Revolver) Maturity 06/15/2029 Business Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Imagine Acquisitionco, LLC - Revolver, Maturity/Expiration 11/15/2027, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, NEPRT Parent Holdings, LLC (Recteq, LLC), Industry Consumer Products2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Loving Tan Intermediate II, Inc., Maturity/Expiration 05/31/2028, Industry Consumer Products, Current Coupon 12.35%, Basis Point Spread Above Index 3M SOFR+7002023-12-310001383414Related Party PSLF Total Investments and Cash Equivalents - 879.4%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HW Holdco, LLC - Revolver One, Maturity/Expiration 12/10/2024, Industry Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Subordinated Debt/Corporate Notes—9.8% Express Wash Acquisition Company, LLC Maturity 01/15/2029 Auto Sector Current Coupon 15.11% Basis Point Spread Above Index 3M SOFR+9762023-12-310001383414pnnt:InvestmentAdministratorMember2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Best Practice Associates LLC Maturity 06/29/2027 Aerospace and Defense Current Coupon 14.52% Basis Point Spread Above Index 3M SOFR+9152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Neptune Flood Incorporated (Revolver) Maturity 05/09/2029 Insurance2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.00% Basis Point Spread Above Index SOFR+6652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Consumer Products Current Coupon 12.13% Basis Point Spread Above Index SOFR+7002023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 10.40% Basis Point Spread Above Index SOFR+4752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SV Aero Holdings, LLC Aerospace and Defense2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% AH Newco Equity holdings, LLC Healthcare, Education and Childcare Current Coupon 6.00%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Urology Management Holdings. Inc. Maturity 6/15/2026 Industry Healthcare, Education and Childcare Current Coupon 11.79% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414pnnt:TruistCreditFacilityMember2023-07-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan, Maturity/Expiration 11/17/2025, Industry Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communication Current Coupon 12.37% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Aerospace and Defense Current Coupon 11.33% Basis Point Spread Above Index SOFR+6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC - Revolver One, Maturity/Expiration 12/17/2026, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% Cascade Environmental Holdings, LLC - Series B Environmental Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OHCP V BC COI, L.P. One, Industry Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Consumer Products Current Coupon 12.15% Basis Point Spread Above Index 1M SOFR+7002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry Telecommunications2023-12-310001383414Ivestments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Burgess Point Holdings, LP Auto Sector2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Imagine Acquisitionco, LLC Maturity 11/15/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Integrity Marketing Acquisition, LLC - Revolver, Maturity/Expiration 08/31/2025, Industry Insurance2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products, Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% MSpark, LLC Printing and Publishing2023-12-310001383414pnnt:DebtInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lash OpCo, LLC - Revolver One, Maturity/Expiration 08/16/2026, Industry Consumer Products2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/01/2029 Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Imagine Acquisitionco, LLC, Maturity/Expiration 11/15/2027, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Diversified Conglomerate Service Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Bluebird Group LLC Maturity 7/27/2026 Business Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR +6652023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Radius Aerospace, Inc. Maturity 3/31/2025 Industry Aerospace and Defense Current Coupon 11.25% Basis Point Spread Above Index SOFR+5752023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name MAG DS Corp. Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Ox Two, LLC (New Issue) Maturity 5/18/2026 Industry Distribution Current Coupon 12.90% Basis Point Spread Above Index SOFR+7252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752023-10-012023-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberpnnt:WalkerEdisonFurnitureCompanyLLCMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Consumer Products2023-10-012023-12-310001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2023-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% K2 Pure Solutions NoCal, L.P. Maturity 12/20/2023 Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index 1M SOFR+8102023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% PennantPark Senior Loan Fund, LLC Financial Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Delta InvestCo LP (Sigma Defense Systems, LLC) Telecommunications One2022-10-012023-09-300001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMembersrt:MinimumMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberpnnt:CascadeEnvironmentalHoldingsLLCMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Infolinks Media Buyco, LLC Maturity 11/1/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+5852023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Meadowlark Title, LLC Business Services2023-09-300001383414Investments and Cash Equivalents—227.1%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% ENC Parent Corporation Maturity 08/19/2029 Business Services Current Coupon 13.11% Basis Point Spread Above Index 3M SOFR+7762023-10-012023-12-310001383414pnnt:ClassDMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-260001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name MAG DS Corp. Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Term Loan I Maturity 12/10/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Hancock Claims Consultants Investors, LLC, Industry Insurance2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% CF512, Inc. (Revolver) Maturity 08/20/2026 Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+5552023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Riverside Assessments, LLC) Maturity 03/10/2025 Education Current Coupon 11.28% Basis Point Spread Above Index 3M SOFR+5902023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC (Revolver) Maturity 07/31/2025 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Business Services Current Coupon 11.15% Basis Point Spread Above Index SOFR+5752023-12-310001383414us-gaap:MoneyMarketFundsMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-12-310001383414pnnt:FinancialServicesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc Maturity 09/28/2027 Distribution Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+5152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NBH Group LLC (Revolver) Maturity 08/19/2026 Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% AG Investco LP Business Services One2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Lightspeed Investment Holdco LLC, Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Inventus Power, Inc. Maturity 06/30/2025 Industry Consumer Products Current Coupon 12.97% Basis Point Spread Above Index SOFR+7612023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. Maturity 02/09/2026 Business Services Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+5552022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc.(Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414Related Party PSLF Liabilities in Excess of Other Assets — (741.3)%2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% CF512, Inc.(Revolver) Maturity 08/20/2026 Media 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Personal, Food and Miscellaneous Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.60% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% CF512, Inc. Maturity 08/20/2026 Media Current Coupon 11.59% Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Loving Tan, LP - Common Equity Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6%2023-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Consumer Products 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge Lash Coinvest LLC, Industry Consumer Products2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/16/2029 Industry Professional Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% WCP Ivyrehab QP CF Feeder, LP - Unfunded Healthcare, Education and Childcare2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.95% Basis Point Spread Above Index SOFR+5502023-10-012023-12-310001383414Related Party PSLF Total Investments and Cash Equivalents - 841.3%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MDI Buyer, Inc. - Revolver, Maturity/Expiration 07/25/2028, Industry Chemicals, Plastics and Rubber, Current Coupon 11.38%, Basis Point Spread Above Index 3M SOFR+6002023-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:JfIntermediateLlcMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% PennantPark-TSO Senior Loan Fund II, LP Financial Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Mars Intermediate Holdings II, Inc Media2023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% AKW Holdings Limited Industry Healthcare, Education and Childcare2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Products Current Coupon 11.06% Basis Point Spread Above Index SOFR+5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Avenu Buyer, LLC - Unfunded Revolver Maturity 10/02/2029 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Hancock Roofing and Construction L.L.C.(Revolver) Maturity 12/31/2026 Insurance2022-10-012023-09-300001383414pnnt:HealthcareEducationAndChildcareMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Communications2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LAV Gear Holdings, Inc. Maturity 10/31/2024 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.79% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Best Practice Associates LLC Maturity 06/29/2027 Aerospace and Defense Current Coupon 14.52% Basis Point Spread Above Index 3M SOFR+9152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, K2 Pure Solutions NoCal, L.P., Maturity/Expiration 01/31/2024, Industry Chemicals, Plastics and Rubber, Current Coupon 15.46%, Basis Point Spread Above Index 3M SOFR+10102023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Five Star Buyer, Inc. - Unfunded Term Loan Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Unfunded Term Loan Maturity 12/01/2025 Electronics2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ORL Acquisition, Inc. Maturity 09/3/2027 Business Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+7402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infolinks Media Buyco, LLC, Maturity/Expiration 11/01/2026, Industry Media, Current Coupon 11.21%, Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name IG Investments Holdings, LLC Maturity 9/22/2028 Industry Business Services Current Coupon 11.45% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Inventus Power, Inc. Maturity 06/30/2025 Electronics Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+7612022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc., Maturity/Expiration 12/28/2028, Industry Personal, Food and Miscellaneous Services, Current Coupon 12.22%, Basis Point Spread Above Index 3M SOFR+6852023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 10.52% Basis Point Spread Above Index SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pragmatic Institute, LLC Maturity 07/06/2028 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3 M SOFR+5752023-10-012023-12-310001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/16/2029 Industry Professional Services Current Coupon 11.52% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Burgess Point Purchaser Corporation Maturity 09/26/2029 Industry Auto Sector Current Coupon 10.71% Basis Point Spread Above Index SOFR+5352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Broder Bros., Co. Maturity 12/04/2025 Consumer Products Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+6262023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4% PennantPark Senior Loan Fund, LLC Maturity 07/31/2027 Financial Services Current Coupon 13.37% Basis Point Spread Above Index 3M L+8002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Ascensus Holdings, Inc. Maturity 08/02/2028 Financial Services Current Coupon 12.18% Basis Point Spread Above Index 3M SOFR+6762023-12-310001383414pnnt:EquityInterestsInPSLFMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Education Current Coupon 10.80% Basis Point Spread Above Index SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+5012023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC Maturity 06/14/2028 Distribution Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001383414pnnt:TruistCreditFacilityMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Lorient Peregrine Investments, LP, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Avenu Buyer, LLC - Unfunded Revolver Maturity 10/02/2029 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Aeronix, Inc. Maturity 12/12/2028 Aerospace and Defense Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Cartessa Aesthetics, LLC Maturity 06/14/2028 Distribution Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Products Current Coupon 11.77% Basis Point Spread Above Index SOFR+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% HPA SPQ Aggregator LP- Common Equity Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Insurance Current Coupon 11.41% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SP L2 Holdings, LLC Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, eCommission Holding Corporation, Industry Financial Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distribution Current Coupon 11.75% Basis Point Spread Above Index SOFR+6402023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+5252023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Icon Partners V C, L.P. One, Industry Business Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name SpendMend Holdings. LLC Maturity 3/1/2028 Industry Business Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Questex , LLC (Revolver) Maturity 09/9/2024 Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Personal and Non-Durable Consumer Products 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% OSP Embedded Purchaser, LLC-Unfunded Revolver Maturity 12/15/2029 Aerospace and Defense 2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 10.68% Basis Point Spread Above Index SOFR+5502023-09-300001383414pnnt:NonControlledAffiliatedInvestmentsMember2023-12-310001383414pnnt:BuildingMaterialsMember2023-12-310001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionTwoMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Retail Current Coupon 12.46% Basis Point Spread Above Index SOFR+7102023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% Walker Edison Furniture Home and Office Furnishings2022-10-012023-09-300001383414us-gaap:MoneyMarketFundsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% NORA Acquisition, LLC Maturity 08/31/2029 Healthcare, Education and Childcare Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Meadowlark Title, LLC Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ITC Infusion Co-invest, LP Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services 2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 10.50% Basis Point Spread Above Index SOFR+5152023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+6192023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NBH Group LLC (Revolver) Maturity 08/19/2026 Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Lash Coinvest LLC Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Exigo Intermediate II, LLC Maturity 03/15/2027 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5852022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Retail Current Coupon 12.46% Basis Point Spread Above Index SOFR+7102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Consumer Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Ledge Lounger, Inc., Maturity/Expiration 11/09/2026, Industry Consumer Products, Current Coupon 12.00%, Basis Point Spread Above Index 3M SOFR+6652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Gauge Lash Coinvest, LLC - Preferred Equity Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Mars Acquisition Holdings Corp. - Revolver, Maturity/Expiration 05/14/2026, Industry Media2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% WCP Ivyrehab QP CF Feeder, LP Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NORA Parent Holdings, LLC Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo II LP Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Avenu Buyer, LLC Maturity 10/02/2029 Business Services Current Coupon 11.64% Basis Point Spread Above Index 3M SOFR+6252023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Financial Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+5252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pragmatic Institute, LLC Maturity 07/06/2028 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3 M SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, ITC Rumba, LLC (Cano Health, LLC), Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF Cash and Cash Equivalents - 60.8%2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% IHS Parent Holdngs, L.P. Personal, Food and Miscellaneous Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Retail Current Coupon 12.42% Basis Point Spread Above Index SOFR+7002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services Current Coupon 12.52% (PIK 0.5%) Basis Point Spread Above Index 3M SOFR+7752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% US Government Securities—10.0%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge Lash Coinvest LLC, Industry Consumer Products2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel1Memberpnnt:DebtInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, FedHC InvestCo II LP, Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Schlesinger Coinvest, LLC Business Services2022-10-012023-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% StellPen Holdings, LLC (CF512, Inc.) Media2023-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Consumer Products 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ironclad Holdco, LLC (Applied Technical Services, LLC) Environmental Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 10.76% Basis Point Spread Above Index SFR+5252023-09-300001383414pnnt:TwoThousandsAndTwentySixNotesTwoPayableMember2023-10-012023-12-310001383414Cash and Cash Equivalents—7.4% BlackRock Federal FD Institutional 302023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% QuantiTech InvestCo LP Aerospace and Defense One2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Quantic Electronics, LLC Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6352023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name IG Investments Holdings, LLC Maturity 9/22/2028 Industry Business Services Current Coupon 11.45% Basis Point Spread Above Index SOFR+6002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Healthcare, Education and Childcare2023-10-012023-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Media Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+6652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+6352023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% PL Acquisition co, LLC - Preferred Equity Business Services Retail2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronics Current Coupon 12.96% Basis Point Spread Above Index SOFR+7502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics Current Coupon 12.92% Basis Point Spread Above Index 1M SOFR+6502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Kinetic Purchaser, LLC Maturity 11/10/2027 Consumer Products Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ORL Holdco, Inc. Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Exigo, LLC Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Applied Technical Services, LLC - Unfunded Term Loan Maturity 12/29/2026 Industry Environmental Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Signature Systems Holding Company Maturity 5/3/2024 Industry Chemicals, Plastics and Rubber Current Coupon 12.00% Basis Point Spread Above Index SOFR+6652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Ledge Lounger, Inc. - Revolver, Maturity/Expiration 11/09/2026, Industry Consumer Products, Current Coupon 12.00%, Basis Point Spread Above Index 3M SOFR+6652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Magnolia Topco LP - Class A Preferred Equity Auto Sector2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% U.S. Government Securities—19.9%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Business Services Current Coupon 10.70% Basis Point Spread Above Index 1M SOFR+5602022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Holdco Sands Intermediate, LLC, Maturity/Expiration 11/23/2028, Industry Aerospace and Defense, Current Coupon 11.75%, Basis Point Spread Above Index 3M SOFR+6002023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.20% Basis Point Spread Above Index SOFR+6852023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% PennantPark Senior Loan Fund, LLC2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity Business Services2022-10-012023-09-300001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, AMCSI Crash Co-Invest, LP, Industry Auto Sector2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ox Two, LLC Maturity 05/18/2026 Building Materials Current Coupon 12.90% Basis Point Spread Above Index 1M SOFR+7252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Mars Intermediate Holdings II, Inc. Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Imagine Topco, LP, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo LP Aerospace and Defense One2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Riverside Assessments, LLC Maturity 3/10/2025 Industry Education Current Coupon 11.29% Basis Point Spread Above Index SOFR+6252023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.04% Basis Point Spread Above Index SOFR+5502023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% Cascade Environmental Holdings, LLC Environmental Services2023-09-300001383414pnnt:SeniorSecuredRevolvingCreditFacilityMemberpnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2023-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Holdco Sands Intermediate, LLC(Revolver) Maturity 11/23/2027 Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. Maturity 07/25/2028 Chemicals, Plastics and Rubber Current Coupon 11.27% Basis Point Spread Above Index 3M SOFR+6002023-09-300001383414us-gaap:EquityFundsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, GCOM InvestCo LP, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Kinetic Purchaser, LLC - Revolver, Maturity/Expiration 11/10/2026, Industry Consumer Products2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ocean Sound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Athletico Holdings, LLC Healthcare, Education and Childcare2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 10.43% Basis Point Spread Above Index SOFR+4752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% US Government Securities—10.0% U.S. Treasury Bill Maturity 01/23/2024 Short-Term U.S. Government Securities Current Coupon 5.23%2023-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:JfIntermediateLlcMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. Maturity 03/03/2028 Business Services Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+6152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Magnolia Topco LP - Class B Industry Auto Sector2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC-Unfunded Revolver Maturity 12/29/2029 Diversified Conglomerate Service 2023-10-012023-12-310001383414pnnt:USGovernmentSecuritiesMemberpnnt:InvestmentsFairValueMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ironclad Holdco, LLC (Applied Technical Services, LLC) Environmental Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services 2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% JF Intermediate, LLC Distribution2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Bluebird Group LLC Maturity 07/27/2026 Business Services Current Coupon 12.79% Basis Point Spread Above Index 3M SOFR+7402023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Aerospace and Defense Current Coupon 11.33% Basis Point Spread Above Index SOFR+6002023-12-310001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare2023-09-300001383414pnnt:USGovernmentSecuritiesMemberpnnt:InvestmentsFairValueMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Personal, Food and Miscellaneous Services Current Coupon 11.99% Basis Point Spread Above Index 3M SOFR+6602022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Environmental Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC Maturity 08/27/2026 Personal and Non-Durable Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Any Hour Services (Revolver) Maturity 07/21/2027 Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name TWS Acquisition Corporation Maturity 6/06/2025 Industry Education Current Coupon 11.78% Basis Point Spread Above Index SOFR+6252023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.93% Basis Point Spread Above Index SOFR+4502023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% Cascade Environmental Holdings, LLC Environmental Services2023-09-300001383414pnnt:MachineryMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infolinks Media Buyco, LLC Maturity 11/01/2023 Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Hancock Claims Consultants Investors, LLC Insurance2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Wildcat Buyerco, Inc (Revolver) Maturity 02/27/2026 Electronics2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Cowboy Parent LLC (Blackhawk Industrial Distribution, Inc.) Distribution2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Distribution Current Coupon 10.99% Basis Point Spread Above Index SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Urology Partners Co., L.P. Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media One2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal and Non-Durable Consumer Product Current Coupon 11.20% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Related Party PSLF Cash and Cash Equivalents - 53.0% Issuer Name BlackRock Federal FD Institutional 302023-12-310001383414pnnt:TwoThousandTwentySixNotesPayableMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Distribution Current Coupon 11.77% Basis Point Spread Above Index 3M L+5602022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, ITC Infusion Co-invest, LP, Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Ascensus Holdings, Inc. Maturity 08/02/2028 Financial Services Current Coupon 12.03% Basis Point Spread Above Index 3M SOFR+6762023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ox Two, LLC Maturity 05/18/2026 Building Materials Current Coupon 12.90% Basis Point Spread Above Index 1M SOFR+7252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Insurance Current Coupon 11.41% Basis Point Spread Above Index 3M SOFR+6152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Wildcat Buyerco, Inc Maturity 2/27/2027 Electronics Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR +5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Loving Tan Intermediate II, Inc. - Revolver, Maturity/Expiration 05/31/2028, Industry Consumer Products, Current Coupon 12.35%, Basis Point Spread Above Index 3M SOFR+7002023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distribution Current Coupon 11.10% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lightspeed Buyer Inc. - Revolver, Maturity/Expiration 02/03/2026, Industry Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, ORL Holdco, Inc., Industry Business Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distribution Current Coupon 11.75% Basis Point Spread Above Index SOFR+6402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Magnolia Topco LP - Class A Preferred Equity Auto Sector2023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% First Lien Secured Debt—20.3% AKW Holdings Limited Maturity/Expiration 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Altamira Intermediate Company II, Inc. Aerospace and Defense2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.71% Basis Point Spread Above Index SOFR+5252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Shiftkey, LLC Maturity 06/21/2027 Business Services Current Coupon 11.40% Basis Point Spread Above Index 3M SOFR+6012022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.97% Basis Point Spread Above Index SOFR+4502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Any Hour Services Maturity 07/21/2027 Personal, Food and Miscellaneous Services Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare , Education and Childcare Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+5102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Icon Partners V C, L.P. Business Services One2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Zips Car Wash, LLC Maturity 03/01/2024 Auto Sector Current Coupon 12.67% Basis Point Spread Above Index 1M SOFR+7352022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Aerospace and Defense Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Personal, Food and Miscellaneous Services Current Coupon 11.97% Basis Point Spread Above Index 3M SOFR+6602023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 10.95% Basis Point Spread Above Index SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/01/2029 Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ox Two, LLC (Revolver) Maturity 05/18/2026 Building Materials2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% A1 Garage Equity, LLC Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMembersrt:WeightedAverageMember2023-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infolinks Media Buyco, LLC, Maturity/Expiration 11/01/2026, Industry Media, Current Coupon 11.21%, Basis Point Spread Above Index 3M SOFR+5852023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 12/18/2025 Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Tyto Athene, LLC (New Issue) - Funded Revolver Maturity 04/01/2026 Aerospace and Defense Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR +5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ad.net Holdings, Inc. Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, PennantPark-TSO Senior Loan Fund II, LP, Industry Financial Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 12/18/2025 Healthcare, Education and Childcare2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.96% Basis Point Spread Above Index SOFR+6502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LJ Avalon Holdings, LLC, Maturity/Expiration 02/01/2030, Industry Environmental Services, Current Coupon 11.86%, Basis Point Spread Above Index 1M SOFR+6402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% QuantiTech InvestCo II LP Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Subordinated Debt/Corporate Notes—9.8% Flock Financial, LLC Maturity 05/26/2027 Financial Services Current Coupon 14.50%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Pequod Merger Sub, Inc. Maturity 12/2/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.75% Basis Point Spread Above Index SOFR+6402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Electronics2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Riverpoint Medical, LLC Maturity 6/20/2025 Industry Healthcare, Education and Childcare Current Coupon 10.54% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LJ Avalon Holdings, LLC - Revolver, Maturity/Expiration 01/31/2030, Industry Environmental Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Distribution2023-09-300001383414Cash and Cash Equivalents—7.4%2023-12-310001383414pnnt:ChemicalsPlasticsAndRubberMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% PennantPark-TSO Senior Loan Fund II, LP Financial Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Aerospace and Defense Coupon 11.32% Basis Point Spread Above Index 6M L+5852022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:MeasurementInputMarketYieldMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Magnolia Topco LP - Class B Common Equity Auto Sector2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Urology Management Holdings. Inc. Maturity 6/15/2026 Industry Healthcare, Education and Childcare Current Coupon 11.93% Basis Point Spread Above Index SOFR+6252023-10-012023-12-310001383414srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:MeasurementInputMarketYieldMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% GCOM InvestCo LP Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% TPC Holding Company, LP Food2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, ITC Infusion Co-invest, LP, Industry Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC - (Revolver) Maturity 12/17/2026 Business Services Current Coupon 11.79% Basis Point Spread Above Index 3M L+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Exigo, LLC, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Chemicals, Plastics and Rubber2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge Loving Tan, LP - Common Equity, Industry Consumer Products2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC - (Revolver) Maturity 03/01/2028 Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index SOFR+6002023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index SOFR+6002023-12-310001383414Cash and Cash Equivalents—7.7% Non-Money Market Cash2023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:AKWHoldingsLimitedMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MBS Holdings, Inc. - Revolver One, Maturity/Expiration 04/16/2027, Industry Telecommunications2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2026 Industry Electronics Current Coupon 11.12% Basis Point Spread Above Index SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Ascensus Holdings, Inc. Maturity 08/02/2028 Financial Services Current Coupon 12.18% Basis Point Spread Above Index 3M SOFR+6762023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense2023-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare, Education and Childcare Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152023-09-300001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMembersrt:MinimumMemberpnnt:SecondLienMember2023-12-310001383414pnnt:HealthcareEducationAndChildcareMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services2023-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Plimpton & Hills Corporation Maturity 11/08/2029 Distribution Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR +6002023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Second Lien Secured Debt—0.0% Mailsouth Inc. Maturity/Expiration 04/03/2025 Industry Printing and Publishing2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index SOFR+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Cartessa Aesthetics, LLC Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Athletico Holdings, LLC, Industry Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Seaway Topco, LP Chemicals, Plastics and Rubber2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Riverpoint Medical, LLC Maturity 6/20/2025 Industry Healthcare, Education and Childcare Current Coupon 10.50% Basis Point Spread Above Index SOFR+5002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ORL Acquisition, Inc.(Revolver) Maturity 09/3/2027 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9%2023-09-3000013834142018-01-012019-02-040001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 10.90% Basis Point Spread Above Index SOFR+5752023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Business Services Current Coupon 11.49% Basis Point Spread Above Index SOFR+6352023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC - Unfunded Term Loan Maturity 12/22/2028 Aerospace and Defense2022-10-012023-09-300001383414pnnt:LongTermCreditFacilityMember2022-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Any Hour Services Maturity 07/21/2027 Personal, Food and Miscellaneous Services Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5852022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services Current Coupon PIK 0.5%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services2023-09-300001383414pnnt:ClassA1AMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-260001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TwoThousandAndTwentySixNotesTwoMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% GCOM InvestCo LP Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ledge Lounger, Inc. Maturity 11/09/2026 Consumer Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6252023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Products Current Coupon 10.92% Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Medina Health, LLC - Revolver, Maturity/Expiration 10/20/2028, Industry Healthcare, Education and Childcare, Current Coupon 11.60%, Basis Point Spread Above Index 3M SOFR+6252023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Electro Rent Corporation Maturity 1/17/2024 Industry Electronics Current Coupon 10.93% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Subordinated Debt—17.4% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Magnolia Topco LP - Class A Preferred Equity Auto Sector2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services Current Coupon 10.72% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Aerospace and Defense2023-09-300001383414Non-controlled Investments2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Questex, LLC (Revolver) Maturity 09/09/2024 Media2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Consumer Products Current Coupon 12.48% Basis Point Spread Above Index SOFR+7002023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company LLC - Junior Revolver Maturity 03/31/2027 Home and Office Furnishings Current Coupon 11.68% Basis Point Spread Above Index SOFR+6852022-10-012023-09-300001383414Controlled Affiliated Investments2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber Current Coupon 12.00%2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Integrity Marketing Acquisition, LLC, Maturity/Expiration 08/27/2026, Industry Insurance, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% EDS Buyer, LLC (Revolver) Loan Maturity 12/22/2028 Aerospace and Defense 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Shiftkey, LLC Maturity 06/21/2027 Business Services Current Coupon 11.40% Basis Point Spread Above Index 3M SOFR+6012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC- Unfunded Term Loan Maturity 08/31/2025 Insurance2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HW Holdco, LLC - Revolver, Maturity/Expiration 12/10/2024, Industry Media, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index SOFR+6052022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 11.22% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% of Net Assets2023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% RFMG Parent, LP (Rancho Health MSO, Inc.) Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Zips Car Wash, LLC Maturity 03/01/2024 Auto Sector Current Coupon 12.67% Basis Point Spread Above Index 1M SOFR+7352023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MDI Buyer, Inc. - Revolver, Maturity/Expiration 07/25/2028, Industry Chemicals, Plastics and Rubber, Current Coupon 11.38%, Basis Point Spread Above Index 3M SOFR+6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pacific Purchaser, LLC - Unfunded Revolver Maturity 09/30/2028 Business Services 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 09/17/2026 Distribution 2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, AMCSI Crash Co-Invest, LP One, Industry Auto Sector2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Maturity 12/10/2027 Business Services Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, LEP Pequod Holdings, LP, Industry Financial Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Schlesinger Global, Inc.Maturity 07/14/2025 Business Services Current Coupon 13.16% Basis Point Spread Above Index 3M SOFR +7152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, HV Watterson Holdings, LLC, Industry Business Services2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% ORL Holdco, Inc. Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare, Education and Childcare Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152022-10-012023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:JfIntermediateLlcMember2023-09-300001383414srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Pragmatic Institute, LLC Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Electronics2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Shiftkey, LLC Maturity 06/21/2027 Business Services Current Coupon 11.36% Basis Point Spread Above Index 3M SOFR +6012023-12-310001383414pnnt:GroupOfSBICMemberpnnt:SBADebenturesMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Inventus Power, Inc. Maturity 06/30/2025 Industry Consumer Products Current Coupon 12.97% Basis Point Spread Above Index SOFR+7612023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AMCSI Crash Co-Invest, LP Auto Sector One2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Media2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Telecommunications Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% EDS Buyer, LLC Maturity 12/22/2028 Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index 3M SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Broder Bros., Co. Maturity 12/04/2025 Industry Personal and Non-Durable Consumer Products Current Coupon 11.65% Basis Point Spread Above Index SOFR+6002023-12-310001383414pnnt:EducationMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% QuantiTech InvestCo LP Aerospace and Defense2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Imagine Acquisitionco, LLC Maturity 11/15/2027 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC - (Revolver) Maturity 12/17/2026 Business Services2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lightspeed Buyer Inc., Maturity/Expiration 02/03/2026, Industry Healthcare, Education and Childcare, Current Coupon 10.71%, Basis Point Spread Above Index 1M SOFR+5352023-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2022-10-012022-12-310001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% Flock Financial, LLC Maturity 05/26/2027 Financial Services Current Coupon 14.50%2022-10-012023-09-300001383414pnnt:SBADebenturesMember2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Consumer Products2023-10-012023-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC - Revolver One, Maturity/Expiration 12/17/2026, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, GMP Hills, LP - Common Equity, Industry Distribution2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name IG Investments Holdings, LLC Maturity 9/22/2028 Industry Business Services Current Coupon 11.45% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+5602022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SV Aero Holdings, LLC Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% TWD Parent Holdings, LLC Preferred Business Services2023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Second Lien Secured Debt—0.0% Mailsouth Inc. Maturity/Expiration 04/03/2025 Industry Printing and Publishing2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.54% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Municipal Emergency Services, Inc., Industry Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Reception Purchaser, LLC Maturity 02/28/2028 Transportation Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pequod Merger Sub, Inc. (Revolver) Maturity 12/02/2026 Financial Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Magnolia Topco LP - Class A Preferred Equity Auto Sector2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Holdco Sands Intermediate, LLC, Maturity/Expiration 11/23/2028, Industry Aerospace and Defense, Current Coupon 11.75%, Basis Point Spread Above Index 3M SOFR+6002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Any Hour Services (Revolver) Maturity 07/21/2027 Personal, Food and Miscellaneous Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Meadowlark Acquirer, LLC, Maturity/Expiration 12/10/2027, Industry Business Services, Current Coupon 10.66%, Basis Point Spread Above Index 3M SOFR+5652023-12-310001383414pnnt:SeniorSecuredRevolvingCreditFacilityMemberpnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry Telecommunications2023-10-012023-12-310001383414Related Party PSLF Cash and Cash Equivalents - 53.0%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Ledge Lounger, Inc., Maturity/Expiration 11/09/2026, Industry Consumer Products, Current Coupon 12.00%, Basis Point Spread Above Index 3M SOFR+6652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Exigo Intermediate II, LLC Maturity 03/15/2027 Business Services Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR+6102023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Chemicals, Plastics and Rubber2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, IHS Parent Holdngs, L.P., Industry Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% of Net Assets2023-09-300001383414pnnt:EducationMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC - Revolver, Maturity/Expiration 12/17/2026, Industry Business Services, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% HV Watterson Holdings, LLC Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, KL Stockton Co-Invest LP (Any Hour Services), Industry Personal, Food and Miscellaneous Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Halo Buyer, Inc. Maturity 07/06/2026 Consumer Products Current Coupon 13.67% Basis Point Spread Above Index 1M SOFR+8352022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Unfunded Revolver Maturity 12/01/2029 Electronics2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products, Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-12-310001383414pnnt:USGovernmentSecuritiesMemberpnnt:InvestmentsCostMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Education2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 10/02/2029 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% eCommission Holding Corporation Financial Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5512022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LJ Avalon Holdings, LLC, Maturity/Expiration 02/01/2030, Industry Environmental Services, Current Coupon 11.86%, Basis Point Spread Above Index 1M SOFR+6402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, New Medina Health, LLC, Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Confluent Health, LLC Maturity 11/30/2028 Healthcare, Education and Childcare Current Coupon 12.86% Basis Point Spread Above Index 3M SOFR+7502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+6262023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Atlas Purchaser, Inc Maturity 05/07/2029 Telecommunications Current Coupon 14.66% Basis Point Spread Above Index 3M SOFR+9002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Atlas Purchaser, Inc Maturity 05/07/2029 Telecommunications Current Coupon 14.66% Basis Point Spread Above Index 3M SOFR+9002022-10-012023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% AKW Holdings Limited Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Integrity Marketing Acquisition, LLC - Revolver, Maturity/Expiration 08/31/2025, Industry Insurance2023-12-310001383414pnnt:ControlledAndNonControlledAffiliatesMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Services Current Coupon 12.04% Basis Point Spread Above Index SOFR+6652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, ITI Holdings, Inc. - Revolver, Maturity/Expiration 03/03/2028, Industry Business Services, Current Coupon 12.07%, Basis Point Spread Above Index 3M SOFR+5602023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Any Hour Services Maturity 07/21/2027 Personal, Food and Miscellaneous Services Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5852023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense Current Coupon 11.29% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC(Revolver) Maturity 12/10/2024 Media2022-10-012023-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Financial Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% DRS Holdings III, Inc. Maturity 11/03/2025 Consumer Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc - Unfunded Term Loan B Maturity 12/16/2024 Distribution2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel1Member2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Burgess Point Holdings, LP, Industry Auto Sector2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 11.00% Basis Point Spread Above Index SOFR+5652023-10-012023-12-310001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Altamira Intermediate Company II, Inc., Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% First Lien Secured Debt—20.3% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Loving Tan Intermediate II, Inc., Maturity/Expiration 05/31/2028, Industry Consumer Products, Current Coupon 12.35%, Basis Point Spread Above Index 3M SOFR+7002023-10-012023-12-310001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMembersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Five Star Buyer, Inc. Maturity 2/23/2028 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.43% Basis Point Spread Above Index SOFR+7002023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% JF Intermediate, LLC Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Telecommunications2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Berwick Industrial Park Maturity 05/02/2024 Buildings and Real Estate Current Coupon 11.50%2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5762023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ORL Acquisition, Inc. Maturity 09/03/2027 Business Services Current Coupon 12.84% Basis Point Spread Above Index 3M SOFR+7252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Berwick Industrial Park Maturity 11/02/2023 Buildings and Real Estate Current Coupon 11.50%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Reception Purchaser, LLC Maturity 02/28/2028 Transportation Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/01/2029 Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2026 Industry Electronics Current Coupon 11.12% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pragmatic Institute, LLC Unfunded Term Loan Maturity 07/06/2028 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Environmental Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% QuantiTech InvestCo LP Aerospace and Defense2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Atlas Investment Aggregator, LLC, Industry Telecommunications2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Consumer Products2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 10.50% Basis Point Spread Above Index SOFR+5152023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare, Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Ad.net Holdings, Inc. Media2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC Maturity 06/14/2028 Distribution Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Aftermarket Drivetrain Products Holdings, LLC Machinery2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Kinetic Purchaser, LLC, Maturity/Expiration 11/10/2027, Industry Consumer Products, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% DRS Holdings III, Inc. Maturity 11/03/2025 Consumer Products Current Coupon 11.75% Basis Point Spread Above Index 3M SOFR+6402023-12-310001383414pnnt:InsuranceMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7%2023-09-300001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Five Star Parent Holdings, LLC Leisure, Amusement, Motion Pictures, Entertainment2023-09-300001383414pnnt:AerospaceAndDefenseMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Distribution2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Riverpoint Medical, LLC Maturity 6/20/2025 Industry Healthcare, Education and Childcare Current Coupon 10.50% Basis Point Spread Above Index SOFR+5002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Tower Arch Infolinks Media, LP Media 12023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, LJ Avalon Holdings, LLC - Unfunded Term Loan, Maturity/Expiration 07/31/2024, Industry Environmental Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. - Unfunded Term Loan Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Transportation Current Coupon 11.68% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Infogroup Parent Holdings, Inc. (Data Axle, Inc.), Industry Other Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Term Loan I Maturity 12/10/2027 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lash OpCo, LLC, Maturity/Expiration 02/18/2027, Industry Consumer Products, Current Coupon 12.48%, Basis Point Spread Above Index 1M SOFR+7002023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Manufacturing / Basic Industries Current Coupon 11.93% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Consumer Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 6/10/2025 Industry Media Current Coupon 11.45% Basis Point Spread Above Index SOFR+6102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC-Unfunded Term Loan Maturity 3/28/2024 Diversified Conglomerate Service 2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name MAG DS Corp. Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+5502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Ledge Lounger, Inc. - Revolver One, Maturity/Expiration 11/09/2026, Industry Consumer Products2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pacific Purchaser, LLC Maturity 09/30/2028 Business Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+6252023-10-012023-12-310001383414pnnt:ChemicalsPlasticsAndRubberMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 11.54% Basis Point Spread Above Index SOFR+6002023-09-300001383414us-gaap:FairValueInputsLevel3Member2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Hancock Roofing and Construction L.L.C. - Revolver, Maturity/Expiration 12/31/2026, Industry Insurance2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Healthcare, Education and Childcare Current Coupon 10.75% Basis Point Spread Above Index SOFR+5152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Gauge Lash Coinvest, LLC - Preferred Equity Consumer Products2023-12-310001383414pnnt:RAMEnergyLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012023-12-310001383414pnnt:TruistCreditFacilityMember2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC - Unfunded Term Loan Maturity 12/22/2028 Aerospace and Defense2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products, Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+6502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% KL Stockton Co-Invest LP (Any Hour Services) Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC (Revolver) Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.79% Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pacific Purchaser, LLC Maturity 09/30/2028 Business Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, NEPRT Parent Holdings, LLC (Recteq, LLC), Industry Consumer Products2023-10-012023-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Revolver Maturity 2/27/2027 Electronics2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Telecommunications2022-10-012023-09-3000013834142019-02-052019-02-050001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) Transportation2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Magnolia Topco LP - Class A Common Equity Auto Sector2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Education2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Exigo, LLC, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Consumer Products2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Consumer Products Current Coupon 12.13% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% ENC Parent Corporation Maturity 08/19/2029 Business Services Current Coupon 13.15% Basis Point Spread Above Index 3M SOFR+7762022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2%2023-12-310001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Confluent Health, LLC Maturity 11/30/2028 Healthcare, Education and Childcare Current Coupon 12.82% Basis Point Spread Above Index 3M SOFR+7502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Connatix Parent, LLC, Industry Media2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Consumer Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Transportation Current Coupon 11.72% Basis Point Spread Above Index SOFR+6362023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC-Unfunded Term Loan Maturity 3/28/2024 Diversified Conglomerate Service 2023-10-012023-12-310001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Neptune Flood Incorporated (Revolver) Maturity 05/09/2029 Insurance2023-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueInputsLevel2Member2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Auto Sector Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rural Sourcing Holdings, Inc. (Revolver) Maturity 06/15/2029 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Consumer Products Current Coupon 12.15% Basis Point Spread Above Index 1M SOFR+7002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc - Unfunded Term Loan A Maturity 06/16/2023 Distribution2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 12.79% Basis Point Spread Above Index SOFR+7252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media Current Coupon 11.65% Basis Point Spread Above Index 3M SOFR+6262022-10-012023-09-300001383414pnnt:TransportationMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Term Loan II Maturity 12/10/2027 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% WCP Ivyrehab QP CF Feeder, LP Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemical ,Plastic and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR +6152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Dr. Squatch, LLC Maturity 08/27/2026 Personal and Non-Durable Consumer Products 2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.57% Basis Point Spread Above Index SOFR+6002023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ORL Acquisition, Inc. Maturity 09/3/2027 Business Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+7402023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communication Current Coupon 12.37% Basis Point Spread Above Index SOFR+7002023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Services Current Coupon 12.04% Basis Point Spread Above Index SOFR+6652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% US Government Securities—10.0% U.S. Treasury Bill Maturity 01/23/2024 Short-Term U.S. Government Securities Current Coupon 5.23%2023-10-012023-12-310001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassA1AMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-260001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.65% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 02/01/2024 Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% of Net Assets2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMembersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMember2023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics Current Coupon 12.92% Basis Point Spread Above Index 1M SOFR+6502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5752023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 11.26% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC, Maturity/Expiration 12/17/2026, Industry Business Services, Current Coupon 11.50%, Basis Point Spread Above Index 1M SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rural Sourcing Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2029 Business Services2022-10-012023-09-300001383414Related Party PSLF Cash and Cash Equivalents - 57.6%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC - (Revolver) Maturity 03/01/2028 Business Services2022-10-012023-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2023-12-310001383414pnnt:IncentiveFeePaymentConditionThreeMembersrt:MinimumMember2023-10-012023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2022-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 11.24% Basis Point Spread Above Index SOFR+5502023-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% ORL Holdco, Inc. Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% System Planning and Analysis, Inc. - (Revolver) (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Aerospace and Defense2023-09-300001383414pnnt:SeniorSecuritiesMember2019-02-052019-02-050001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Medina Health, LLC, Maturity/Expiration 10/20/2028, Industry Healthcare, Education and Childcare, Current Coupon 11.60%, Basis Point Spread Above Index 3M SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Business Services 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Gauge Lash Coinvest, LLC - Preferred Equity Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc. (Revolver) Maturity 02/27/2026 Electronics Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+5852023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ORL Acquisition, Inc.(Revolver) Maturity 09/3/2027 Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5762023-12-310001383414nvestments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Kentucky Racing Holdco, LLC (Warrants) Hotels, Motels, Inns and Gaming2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4%2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Five Star Buyer, Inc. Maturity 2/23/2028 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.43% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lash OpCo, LLC - Revolver, Maturity/Expiration 08/16/2026, Industry Consumer Products, Current Coupon 12.53%, Basis Point Spread Above Index 1M SOFR+7002023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.63% Basis Point Spread Above Index SOFR+5002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC Term Loan C Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.79% Basis Point Spread Above Index 3M SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Medina Health, LLC - Revolver One, Maturity/Expiration 10/20/2028, Industry Healthcare, Education and Childcare2023-12-3100013834142022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Burgess Point Purchaser Corporation Maturity 07/28/2030 Auto Sector Current Coupon 14.46% Basis Point Spread Above Index 3M SOFR+9102023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.32% Basis Point Spread Above Index SOFR+6002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 10/02/2029 Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% CF512, Inc. (Revolver) Maturity 08/20/2026 Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Communications2023-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, MDI Aggregator, LP, Inc., Industry Chemicals, Plastics and Rubber2023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company LLC Maturity 03/31/2027 Home and Office Furnishings Current Coupon 12.18% Basis Point Spread Above Index SOFR+6852022-10-012023-09-300001383414srt:OtherCurrencyMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Beta Plus Technologies, Inc. Maturity 07/01/2029 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% EDS Buyer, LLC - Unfunded Term Loan Maturity 12/22/2028 Aerospace and Defense 2023-10-012023-12-310001383414Affiliated Investments2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Financial Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+5252023-12-310001383414Liabilities in Excess of Other Assets—(150.0%) of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pequod Merger Sub, Inc. (Revolver) Maturity 12/02/2026 Financial Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+6252023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Ox Two, LLC (New Issue) Maturity 5/18/2026 Industry Distribution Current Coupon 12.86% Basis Point Spread Above Index SOFR+7512023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Business Services Current Coupon 11.55% Basis Point Spread Above Index SOFR+6202023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Kinetic Purchaser, LLC (Revolver) Maturity 11/10/2026 Consumer Products2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMember2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberpnnt:SecondLienMember2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMembersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Electronics2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 12/18/2025 Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Infolinks Media Buyco, LLC Maturity 11/1/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+5852023-10-012023-12-310001383414pnnt:TruistCreditFacilityMember2022-10-012022-12-310001383414pnnt:NonControlledAffiliatedInvestmentsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Quantic Electronics, LLC Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6352023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Burgess Point Holdings, LP Auto Sector2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, MDI Aggregator, LP, Inc., Industry Chemicals, Plastics and Rubber2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution One2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Distribution Current Coupon 11.77% Basis Point Spread Above Index 3M L+5602023-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% A1 Garage Equity, LLC Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2% Walker Edison Furniture Company LLC - Junior Revolver Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+6352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Imagine Topco, LP Business Services2023-09-300001383414srt:MaximumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Services Current Coupon 11.77% Basis Point Spread Above Index SOFR+6652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo LP Aerospace and Defense One2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sigma Defense Systems, LLC Maturity 12/18/2027 Telecommunications Current Coupon 12.50% Basis Point Spread Above Index 1M SOFR +7152023-12-310001383414Cash and Cash Equivalents—7.7% of Net Assets2023-09-300001383414Non-Qualifying Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Athletico Holdings, LLC Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% RFMG Parent, LP (Rancho Health MSO, Inc.) Healthcare, Education and Childcare2023-12-310001383414pnnt:SeniorSecuritiesMember2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% First Lien Secured Debt—2.2% Walker Edison Furniture Company LLC Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+6852023-10-012023-12-310001383414Minimum Qualifying Assets2023-09-300001383414pnnt:USGovernmentSecuritiesMember2023-09-300001383414Related Party PSLF Members Equity - 100%2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, KL Stockton Co-Invest LP (Any Hour Services), Industry Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Ad.net Holdings, Inc. Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% BioDerm, Inc. Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Dr. Squatch, LLC Maturity 08/31/2027 Personal and Non-Durable Consumer Products Current Coupon 11.22 Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—15.7% Halo Buyer, Inc. Maturity 07/06/2026 Consumer Products Current Coupon 13.71% Basis Point Spread Above Index 1M SOFR+8352023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/01/2029 Healthcare, Education and Childcare2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HV Watterson Holdings, LLC One, Maturity/Expiration 12/17/2026, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Chemicals ,Plastic and Rubber2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Term Loan II Maturity 12/10/2027 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Five Star Parent Holdings, LLC, Industry Leisure, Amusement, Motion Pictures, Entertainment2023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.16% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Telecommunications2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Lariat ecoserv Co-Invest Holdings, LLC, Industry Environmental Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Tower Arch Infolinks Media, LP Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Graffiti Buyer, Inc. - Revolver One, Maturity/Expiration 08/10/2027, Industry Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Personal, Food and Miscellaneous Services Current Coupon 11.97% Basis Point Spread Above Index 3M SOFR+6602023-12-310001383414pnnt:SBICIIMemberpnnt:SBADebenturesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare Current Coupon 11.81% Basis Point Spread Above Index 1M SOFR+6502023-09-300001383414pnnt:BusinessServicesMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare, Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352023-10-012023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Common Equity—17.4% JF Intermediate, LLC Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution One2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Magnolia Topco LP - Class B Preferred Equity Auto Sector2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:TruistCreditFacilityMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Loving Tan, LP - Common Equity Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Personal, Food and Miscellaneous Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Applied Technical Services, LLC Maturity 12/29/2026 Environmental Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 10.90% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Cartessa Aesthetics, LLC Maturity 06/14/2028 Distribution Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rural Sourcing Holdings, Inc. (Revolver) Maturity 06/15/2029 Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Retail2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5762023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Broder Bros., Co. Maturity 12/04/2025 Consumer Products Current Coupon 11.65% Basis Point Spread Above Index 3M SOFR+6262022-10-012023-09-3000013834142023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Riverpoint Medical, LLC Maturity 6/20/2025 Industry Healthcare, Education and Childcare Current Coupon 10.54% Basis Point Spread Above Index SOFR+5752023-09-3000013834142024-02-070001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Bioderm, Inc. Maturity 1/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt-113.2% The Bluebird Group LLC (Revolver) Maturity 7/27/2026 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc.(Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare2023-10-012023-12-310001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Hancock Roofing and Construction L.L.C. - Revolver, Maturity/Expiration 12/31/2026, Industry Insurance2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Ox Two, LLC (New Issue) Maturity 5/18/2026 Industry Distribution Current Coupon 12.86% Basis Point Spread Above Index SOFR+7512023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% of Net Assets2023-12-310001383414us-gaap:RevolvingCreditFacilityMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Subordinated Debt/Corporate Notes—9.8% Express Wash Acquisition Company, LLC Maturity 01/15/2029 Auto Sector Current Coupon 15.11% Basis Point Spread Above Index 3M SOFR+9762023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC Maturity 12/17/2026 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, FedHC InvestCo II LP, Industry Aerospace and Defense2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-12-310001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC Maturity 12/17/2026 Business Services Coupon 11.79% Basis Point Spread Above Index 1M L+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Questex, LLC Maturity 09/09/2024 Media Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+4252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Omnia Exterior Solutions, LLC-Unfunded Revolver Maturity 12/29/2029 Diversified Conglomerate Service 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% HPA SPQ Aggregator LP- Common Equity Business Services2022-10-012023-09-300001383414us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMembersrt:WeightedAverageMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Ad.net Holdings, Inc. Media2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.80% Basis Point Spread Above Index SOFR+6402023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Lariat ecoserv Co-Invest Holdings, LLC, Industry Environmental Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Transportation Current Coupon 11.72% Basis Point Spread Above Index SOFR+6362023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 1/31/2023 Industry Chemicals, Plastics and Rubber Current Coupon 15.46% Basis Point Spread Above Index SOFR+10102023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% PL Acquisition co, LLC - Preferred Equity Business Services Retail2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% ENC Parent Corporation Maturity 08/19/2029 Business Services Current Coupon 13.11% Basis Point Spread Above Index 3M SOFR+7762023-12-310001383414pnnt:TwoThousandAndTwentySixNotesPayableMember2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Signature Systems Holding Company Maturity 5/3/2024 Industry Chemicals, Plastics and Rubber Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% Second Lien Secured Debt—0.0%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 09/17/2026 Distribution Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+5252023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 11.00% Basis Point Spread Above Index SOFR+5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Business Services Current Coupon 11.13% Basis Point Spread Above Index 3M SOFR+5762023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Applied Technical Services, LLC - Unfunded Term Loan Maturity 12/29/2026 Industry Environmental Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Pragmatic Institute, LL (Revolver) Maturity 07/06/2028 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC Maturity 08/30/2027 Business Services Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR +6352023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Quad (U.S.) Co-Invest, L.P. Business Services2023-09-300001383414pnnt:ConsumerProductsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Holdco Sands Intermediate, LLC(Revolver) Maturity 11/23/2027 Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Best Practice Associates LLC Maturity 06/29/2027 Aerospace and Defense Current Coupon 14.54% Basis Point Spread Above Index 3M SOFR+9152023-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Pink Lily Holdco, LLC, Industry Retail2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Business Services Current Coupon 11.17% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% UniVista Insurance Business Services2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberpnnt:FirstLienMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Electronics2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense2022-10-012023-09-300001383414us-gaap:EquityFundsMember2023-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber Current Coupon 12.00%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Telecommunications2023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8% AKW Holdings Limited Maturity 3/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.21% Basis Point Spread Above Index 3M L+7002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LAV Gear Holdings, Inc. Maturity 10/31/2024 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.79% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+6402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Mars Intermediate Holdings II, Inc Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.- Unfunded Term Loan Maturity 12/28/2023 Personal, Food and Miscellaneous Services2023-09-300001383414pnnt:TransportationMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% TPC Holding Company, LP Food2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% LJ Avalon, LP Environmental Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Business Services Current Coupon 11.13% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% PennantPark Senior Loan Fund, LLC Financial Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Inception Fertility Ventures, LLC, Maturity/Expiration 12/07/2024, Industry Healthcare, Education and Childcare, Current Coupon 12.64%, Basis Point Spread Above Index 3M SOFR+7252023-12-310001383414us-gaap:FairValueInputsLevel3Member2022-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Chemicals, Plastics and Rubber Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Personal and Non-Durable Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rural Sourcing Holdings, Inc. (Revolver) Maturity 06/15/2029 Business Services2023-10-012023-12-3100013834142023-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc., Maturity/Expiration 12/28/2028, Industry Personal, Food and Miscellaneous Services, Current Coupon 12.22%, Basis Point Spread Above Index 3M SOFR+6852023-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2022-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+640 One2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Aegis Technologies Group, LLC Maturity 10/31/2025 Aerospace and Defense Current Coupon 11.66% Basis Point Spread Above Index 3M SOFR+6652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Exigo Intermediate II, LLC Maturity 03/15/2027 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5852023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6052022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Quantic Electronics, LLC Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ad.net Holdings, Inc. Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc (Revolver) Maturity 09/28/2027 Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC Maturity 12/18/2025 Telecommunications Current Coupon 14.04% Basis Point Spread Above Index 3M SOFR+8652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan, Maturity/Expiration 11/17/2025, Industry Personal, Food and Miscellaneous Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Riverside Assessments, LLC Maturity 3/10/2025 Industry Education Current Coupon 11.29% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414pnnt:FinancialServicesMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.54% Basis Point Spread Above Index SOFR+5512023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rancho Health MSO, Inc. Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Arcfield Acquisition Corp Maturity 08/03/2029 Industry Aerospace and Defense Services Current Coupon 11.64% Basis Point Spread Above Index SOFR+6352023-12-310001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Second Lien Secured Debt—0% Mailsouth Inc Maturity 04/23/2025 Printing and Publishing2022-10-012023-09-300001383414pnnt:InvestmentsFairValueMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502023-10-012023-12-310001383414pnnt:LongTermCreditFacilityMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Urology Partners Co., L.P. Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 12.00% Basis Point Spread Above Index SOFR+6652023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Communications2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% OSP Embedded Purchaser, LLC-Unfunded Revolver Maturity 12/15/2029 Aerospace and Defense 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media2022-10-012023-09-300001383414pnnt:SeniorSecuritiesMember2019-02-062019-02-060001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name MAG DS Corp. Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+5502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infolinks Media Buyco, LLC Maturity 11/01/2026 Media Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Municipal Emergency Services, Inc., Industry Distribution2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% NORA Acquisition, LLC Maturity 08/31/2029 Healthcare, Education and Childcare Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6352023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% AFC Dell Holding Corp. Maturity 04/09/2027 Distribution Current Coupon 11.72% Basis Point Spread Above Index 3M SOFR+6402023-12-310001383414vestments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% of Net Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Beta Plus Technologies, Inc. Maturity 07/01/2029 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5752023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Personal, Food and Miscellaneous Services Current Coupon 12.56%2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Business Services Current Coupon 11.13% Basis Point Spread Above Index 3M SOFR+5762022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemical ,Plastic and Rubber2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Urology Management Holdings. Inc. Maturity 6/15/2026 Industry Healthcare, Education and Childcare Current Coupon 11.93% Basis Point Spread Above Index SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Infogroup Parent Holdings, Inc. (Data Axle, Inc.) Other Media2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/21/2024 Personal, Food and Miscellaneous Services2023-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:MailsouthIncMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lightspeed Buyer Inc., Maturity/Expiration 02/03/2026, Industry Healthcare, Education and Childcare, Current Coupon 10.71%, Basis Point Spread Above Index 1M SOFR+5352023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Business Services Current Coupon 11.17% Basis Point Spread Above Index SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, ITI Holdings, Inc. - Revolver One, Maturity/Expiration 03/03/2028, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Seaway Buyer, LLC Maturity 06/13/2029 Chemical ,Plastic and Rubber Current Coupon 11.52% Basis Point Spread Above Index 3M SOFR +6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR +6102023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Telecommunications Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Gauge Loving Tan, LP - Common Equity, Industry Consumer Products2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education and Childcare Current Coupon 10.93% Basis Point Spread Above Index SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Second Lien Secured Debt—15.7% Atlas Purchaser, Inc Maturity 05/07/2029 Telecommunications Current Coupon 14.64% Basis Point Spread Above Index 3M SOFR+9002023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.- Unfunded Term Loan Maturity 12/28/2023 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Consumer Products Current Coupon 12.48% Basis Point Spread Above Index SOFR+7002023-10-012023-12-3100013834142022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Magnolia Topco LP - Class B Preferred Equity Auto Sector2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% ORL Holdco, Inc. Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.40% Basis Point Spread Above Index SOFR+4752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Bluebird Group LLC Maturity 7/27/2026 Business Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR +6652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services Current Coupon 12.53% Basis Point Spread Above Index 3M SOFR +7152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Exigo Intermediate II, LLC Maturity 03/15/2027 Business Services Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR+6102023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC Maturity 12/22/2028 Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index 3M SOFR+6252022-10-012023-09-300001383414pnnt:USGovernmentSecuritiesMemberpnnt:InvestmentsCostMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 11.54% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% Cascade Environmental Holdings, LLC Environmental Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Atlas Investment Aggregator, LLC, Industry Telecommunications2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distribution Current Coupon 11.39% Basis Point Spread Above Index SOFR+6002023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Bioderm, Inc. Maturity 1/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, MDI Buyer, Inc., Maturity/Expiration 07/25/2028, Industry Chemicals, Plastics and Rubber, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc. (Revolver) Maturity 02/27/2026 Electronics2023-09-300001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Five Star Parent Holdings, LLC Leisure, Amusement, Motion Pictures, Entertainment2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Telecommunications Current Coupon 12.50% Basis Point Spread Above Index 1M SOFR +7152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% KL Stockton Co-Invest LP (Any Hour Services) Personal, Food and Miscellaneous Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.(Revolver) Maturity 12/28/2028 Personal, Food and Miscellaneous Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% S101 Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2024 Electronics2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Watchtower Holdings, LLC Electronics2023-12-310001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMemberpnnt:ClassBMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, FedHC InvestCo LP, Industry Aerospace and Defense2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% EDS Buyer, LLC (Revolver) Loan Maturity 12/22/2028 Aerospace and Defense 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Media2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Media Current Coupon 11.85% Basis Point Spread Above Index SOFR+6502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, LJ Avalon, LP, Industry Environmental Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, IHS Parent Holdngs, L.P., Industry Personal, Food and Miscellaneous Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Riverside Assessments, LLC Maturity 3/9/2025 Industry Education Current Coupon 11.25% Basis Point Spread Above Index SOFR+6252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% S101 Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2024 Electronics2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Municipal Emergency Services, Inc. Distribution2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.64% Basis Point Spread Above Index SOFR+5262023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputMarketYieldMemberpnnt:TruistCreditFacilityMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Crane 1 Acquisition Parent Holdings, L.P. Personal, Food and Miscellaneous Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% WCP Ivyrehab QP CF Feeder, LP Healthcare, Education and Childcare2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name SpendMend Holdings. LLC Maturity 3/1/2028 Industry Business Services Current Coupon 11.01% Basis Point Spread Above Index SOFR+5652023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Telecommunications Current Coupon 11.29% Basis Point Spread Above Index SOFR+5852023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Electronics2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Telecommunications Current Coupon 12.50% Basis Point Spread Above Index 1M SOFR +7152023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Business Services Current Coupon 11.13% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Carisk Parent, L.P. - Common Equity, Healthcare, Education and Childcare2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare, Education and Childcare Current Coupon 10.67% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Infinity Home Services Holdco, Inc. - Revolver, Maturity/Expiration 12/28/2028, Industry Personal, Food and Miscellaneous Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge ETE Blocker, LLC - Common Equity Personal, Food and Miscellaneous Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution2023-10-012023-12-310001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Atlas Investment Aggregator, LLC Telecommunications2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Magnolia Topco LP - Class B Industry Auto Sector2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media One2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, IG Investments Holdings, LLC - Revolver, Maturity/Expiration 09/22/2027, Industry Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Products Current Coupon 10.92% Basis Point Spread Above Index SOFR+5652023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Aeronix, Inc. Maturity 12/12/2028 Aerospace and Defense Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5502023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Loving Tan Intermediate II, Inc. - Revolver One, Maturity/Expiration 05/31/2028, Industry Consumer Products2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+6402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Watchtower Holdings, LLC Electronics2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Electronics2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Spendmend Holdings LLC-Funded Revolver Maturity 03/01/2028 Business Services Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR +5652023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, ITC Rumba, LLC (Cano Health, LLC), Industry Healthcare, Education and Childcare2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Business Services Current Coupon 11.10% Basis Point Spread Above Index SOFR+5752023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name TWS Acquisition Corporation Maturity 6/06/2025 Industry Education Current Coupon 11.80% Basis Point Spread Above Index SOFR+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Environmental Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Go Dawgs Capital III, LP (American Insulated Glass, LLC) Building Materials2022-10-012023-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Media Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+6652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% EDS Buyer, LLC Maturity 12/22/2028 Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index 3M SOFR+6252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Consello Pacific Aggregator, LLC, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services Current Coupon 11.04% Basis Point Spread Above Index 1M SOFR+5652023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, BioDerm, Inc., Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Urology Partners Co., L.P. Healthcare, Education and Childcare2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% ACP Falcon Buyer, Inc - Unfunded (Revolver) Maturity 08/01/2029 Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name TWS Acquisition Corporation Maturity 6/06/2025 Industry Education Current Coupon 11.78% Basis Point Spread Above Index SOFR+6252023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lash OpCo, LLC, Maturity/Expiration 02/18/2027, Industry Consumer Products, Current Coupon 12.48%, Basis Point Spread Above Index 1M SOFR+7002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. - Unfunded Revolver Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment2023-09-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2023-09-300001383414pnnt:ClassA1BMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMember2023-07-262023-07-260001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Infolinks Media Buyco, LLC Maturity 11/1/2026 Industry Media Current Coupon 11.17% Basis Point Spread Above Index SOFR+5752023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC Maturity 12/29/2026 Environmental Services Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% US Government Securities—10.0% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, LEP Pequod Holdings, LP, Industry Financial Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Business Services Current Coupon 12.67% Basis Point Spread Above Index SOFR+7252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, HW Holdco, LLC - Revolver, Maturity/Expiration 12/10/2024, Industry Media, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Reception Purchaser, LLC Maturity 02/28/2028 Transportation Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC(Revolver) Maturity 12/10/2024 Media Current Coupon 11.82% Basis Point Spread Above Index 3M L+6402022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.96% Basis Point Spread Above Index SOFR+6502023-09-300001383414pnnt:TruistCreditFacilityMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Broder Bros., Co. Maturity 12/04/2025 Consumer Products Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+6262023-10-012023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMembersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:SecondLienMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Chemicals, Plastics and Rubber2022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Business Services Current Coupon 11.49% Basis Point Spread Above Index SOFR+6352023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 1/31/2023 Industry Chemicals, Plastics and Rubber Current Coupon 15.46% Basis Point Spread Above Index SOFR+10102023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Ox Two, LLC (New Issue) Maturity 5/18/2026 Industry Distribution Current Coupon 12.90% Basis Point Spread Above Index SOFR+7252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Telecommunications2022-10-012023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% of Net Assets2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Kentucky Racing Holdco, LLC (Warrants), Industry Hotels, Motels, Inns and Gaming2023-12-310001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2022-01-012022-01-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Crane 1 Acquisition Parent Holdings, L.P., Industry Personal, Food and Miscellaneous Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Riverside Assessments, LLC Maturity 3/9/2025 Industry Education Current Coupon 11.25% Basis Point Spread Above Index SOFR+6252023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Athletico Holdings, LLC, Industry Healthcare, Education and Childcare2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Bluebird Group LLC Maturity 07/27/2026 Business Services Current Coupon 12.79% Basis Point Spread Above Index 3M SOFR+7402022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Altamira Intermediate Company II, Inc. Aerospace and Defense2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC Term Loan C Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.79% Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC Maturity 12/22/2028 Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index 3M SOFR+6252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Bluebird Group LLC (Revolver) Maturity 07/27/2026 Business Services2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMemberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMember2023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company LLC Maturity 03/31/2027 Home and Office Furnishings Current Coupon 12.18% Basis Point Spread Above Index SOFR+6852023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/21/2024 Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Loving Tan Intermediate II, Inc. - Revolver, Maturity/Expiration 05/31/2028, Industry Consumer Products, Current Coupon 12.35%, Basis Point Spread Above Index 3M SOFR+7002023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Infolinks Media Buyco, LLC Maturity 11/1/2026 Industry Media Current Coupon 11.17% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414pnnt:SBADebenturesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, OHCP V BC COI, L.P., Industry Distribution2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, K2 Pure Solutions NoCal, L.P. - Revolver, Maturity/Expiration 01/31/2024, Industry Chemicals, Plastics and Rubber2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% A1 Garage Equity, LLC Personal, Food and Miscellaneous Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Lash OpCo, LLC - Revolver One, Maturity/Expiration 08/16/2026, Industry Consumer Products2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% SSC Dominion Holdings, LLC Class B (US Dominion, Inc.) Electronics2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% HV Watterson Holdings, LLC Business Services2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% U.S. Government Securities—19.9% U.S. Treasury Bill Maturity 10/19/2023 Short-Term U.S. Government Securities Current Coupon 5.31%2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 05/23/2024 Media2023-10-012023-12-310001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.57% Basis Point Spread Above Index SOFR+6002023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Radius Aerospace, Inc. Maturity 3/31/2025 Industry Aerospace and Defense Current Coupon 11.29% Basis Point Spread Above Index SOFR+5752023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Education Current Coupon 10.75% Basis Point Spread Above Index SOFR+5752023-12-310001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Business Services Current Coupon 12.67% Basis Point Spread Above Index SOFR+7252022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.54% Basis Point Spread Above Index SOFR+5752023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Imagine Topco, LP Preferred Business Services Current Coupon 8.00%2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Municipal Emergency Services, Inc - Unfunded Term Loan B Maturity 12/16/2024 Distribution2023-12-310001383414us-gaap:FairValueInputsLevel3Member2023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.96% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services Current Coupon 10.74% Basis Point Spread Above Index SOFR+5502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TPC Holding Company, LP Food2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Crane 1 Acquisition Parent Holdings, L.P. Personal, Food and Miscellaneous Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Consumer Products2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Consumer Products2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% TWD Parent Holdings, LLC Preferred Business Services2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.63% Basis Point Spread Above Index SOFR+5002022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TPC Holding Company, LP Food2022-10-012023-09-300001383414pnnt:BuildingMaterialsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 06/16/2023 Distribution2023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2022-10-012022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% StellPen Holdings, LLC (CF512, Inc.) Media2022-10-012023-09-300001383414Liabilities in Excess of Other Assets—(127.1%)2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name TWS Acquisition Corporation Maturity 6/06/2025 Industry Education Current Coupon 11.80% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC Maturity 12/29/2028 Machinery Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR +6002023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2026 Industry Electronics Current Coupon 10.54% Basis Point Spread Above Index SOFR+5152022-10-012023-09-300001383414Controlled Affiliated Investments2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC- Unfunded Term Loan Maturity 08/31/2025 Insurance2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Halo Buyer, Inc. Maturity 07/06/2026 Consumer Products Current Coupon 13.67% Basis Point Spread Above Index 1M SOFR+8352023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Aerospace and Defense Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5852023-12-310001383414pnnt:TelecommunicationsMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Schlesinger Global, Inc.Maturity 07/14/2025 Business Services Current Coupon 13.16% Basis Point Spread Above Index 3M SOFR +7152023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001383414pnnt:PennantParkCloViiMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+5502023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare Current Coupon 11.81% Basis Point Spread Above Index 1M SOFR+6502022-10-012023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 12.54% Basis Point Spread Above Index SOFR+7002023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lightspeed Buyer Inc. Maturity 02/03/2026 Healthcare, Education and Childcare Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. - Unfunded Revolver Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Imagine Acquisitionco, LLC, Maturity/Expiration 11/15/2027, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrated Data Services - Unfunded Revolver Maturity 08/01/2029 Business Services2022-10-012023-09-300001383414pnnt:LongTermCreditFacilityMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Preferred Equity/Partnership Interests—3.1% Mars Intermediate Holdings II, Inc Media2023-12-310001383414us-gaap:FairValueInputsLevel2Member2023-12-310001383414pnnt:USGovernmentSecuritiesMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TPC Holding Company, LP Food2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ledge Lounger, Inc. Maturity 11/09/2026 Consumer Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6252022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/03/2029 Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index 1M SOFR+6152023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502023-12-310001383414pnnt:TwoThousandTwentySixNotesPayableMember2023-12-310001383414Qualifying Assets2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2029 Chemical ,Plastic and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR +6152023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+6262023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, First Lien Secured Debt—113.2% of Net Assets, Imagine Acquisitionco, LLC - Revolver, Maturity/Expiration 11/15/2027, Industry Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Five Star Buyer, Inc. Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.46 Basis Point Spread Above Index 3M SOFR+7102023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Cartessa Aesthetics, LLC Distribution2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC Maturity 08/31/2027 Personal and Non-Durable Consumer Products Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+5852022-10-012023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8%2023-09-300001383414nvestments in Non-Controlled, Affiliated Portfolio Companies—10.9% of Net Assets2023-09-300001383414pnnt:TelecommunicationsMember2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352023-10-012023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal and Non-Durable Consumer Product Current Coupon 11.24% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC - Funded Revolver Maturity 03/01/2028 Business Services Current Coupon 11.20% Basis Point Spread Above Index 1M SOFR+5652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Insurance Coupon 10.92% Basis Point Spread Above Index 1M L+5502022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2023-09-300001383414us-gaap:PrivatePlacementMemberpnnt:PennantParkCloViiMemberpnnt:ClassBMember2023-07-260001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Business Services Current Coupon 11.55% Basis Point Spread Above Index SOFR+6202023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2026 Industry Electronics Current Coupon 10.54% Basis Point Spread Above Index SOFR+5152023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrated Data Services - Term Loan Maturity 08/01/2029 Business Services Current Coupon 11.87% Basis Point Spread Above Index 3M SOFR+6502022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Watchtower Intermediate, LLC. - Revolver Maturity 12/01/2029 Electronics Current Coupon 11.38% Basis Point Spread Above Index 3M SOFR +6002023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 10.90% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Chemicals, Plastics and Rubber Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+6002023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Global Holdings InterCo LLC Maturity 03/16/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.46% Basis Point Spread Above Index SOFR+6102023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% QuantiTech InvestCo LP Aerospace and Defense One2023-09-300001383414pnnt:SubordinatedNotesInPSLFMemberpnnt:InvestmentsCostMember2023-12-310001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products, Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152022-10-012023-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2023-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Lorient Peregrine Investments, LP, Industry Business Services2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infolinks Media Buyco, LLC Maturity 11/01/2023 Media2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Rural Sourcing Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2029 Business Services2023-10-012023-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberpnnt:CascadeEnvironmentalHoldingsLLCMember2023-10-012023-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% Common Equity/Partnership Interests/Warrants—0% 2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense2023-09-300001383414Related Party PSLF First Lien Secured Debt - 826.4% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.04% Basis Point Spread Above Index SOFR+5502023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% The Vertex Companies, LLC Maturity 08/30/2027 Business Services Current Coupon 11.71% Basis Point Spread Above Index 1M SOFR +6352023-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. Maturity 09/28/2027 Distribution Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC (Revolver) Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.79% Basis Point Spread Above Index 3M SOFR+5252023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% Common Equity/Partnership Interests/Warrants—24.4% Pragmatic Institute, LLC Business Services2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% First Lien Secured Debt—113.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5552023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets, Common Equity/Partnership Interests/Warrants—24.4% of Net Assets, Five Star Parent Holdings, LLC, Industry Leisure, Amusement, Motion Pictures, Entertainment2023-10-012023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Seaway Topco, LP Chemicals, Plastics and Rubber2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Ascensus Holdings, Inc. Maturity 08/02/2028 Financial Services Current Coupon 12.03% Basis Point Spread Above Index 3M SOFR+6762022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% Flock Financial, LLC Maturity 05/26/2027 Financial Services Current Coupon 14.50%2023-09-300001383414Investments in Controlled, Affiliated Portfolio Companies—58.2% First Lien Secured Debt—20.3%2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001383414pnnt:SubordinatedNotesInPSLFMemberpnnt:InvestmentsFairValueMember2023-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% StellPen Holdings, LLC (CF512, Inc.) Media2023-09-300001383414Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare, Education and Childcare Current Coupon 10.67% Basis Point Spread Above Index SOFR+5752023-09-30xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:GBPpnnt:Portfolioiso4217:USD

 

•]`

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

 

MARYLAND

20-8250744

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

1691 Michigan Avenue,

Miami Beach, Florida

33139

(Address of principal executive offices)

(Zip Code)

 

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

 

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PNNT

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☐

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 7, 2024 was 65,224,500.

 

 

 


 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2023

TABLE OF CONTENTS

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2023 (unaudited) and September 30, 2023

 

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2023 and 2022 (unaudited)

 

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2023 and 2022 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 (unaudited)

 

7

 

 

Consolidated Schedules of Investments as of December 31, 2023 (unaudited) and September 30, 2023

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

21

 

 

Report of Independent Registered Public Accounting Firm (PCAOB ID 49)

 

38

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

40

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

Item 4. Controls and Procedures

 

53

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1. Legal Proceedings

 

54

 

 

Item 1A. Risk Factors

 

54

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

54

 

 

Item 3. Defaults Upon Senior Securities

 

55

 

 

Item 4. Mine Safety Disclosures

 

55

 

 

Item 5. Other Information

 

55

 

 

Item 6. Exhibits

 

56

 

 

SIGNATURES

 

57

 

2


 

PART I—CONSOLIDATED FINANCIAL INFORMATION

 

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where context suggest otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Investment Corporation and its consolidated subsidiaries; “PennantPark Investment” refers to only PennantPark Investment Corporation; “our SBIC Fund” refers collectively to our consolidated subsidiaries, PennantPark SBIC II LP, or SBIC II, and its general partner, PennantPark SBIC GP II, LLC; “Funding I” refers to PennantPark Investment Funding I, LLC, a wholly-owned subsidiary prior to deconsolidation on July 31, 2020; “Taxable Subsidiary” refers to PNNT Investment Holdings, LLC; “PSLF” refers to PennantPark Senior Loan Fund, LLC, an unconsolidated joint venture; “PTSF II” refers to PennantPark-TSO Senior Loan Fund II, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “SBA” refers to the Small Business Administration; “SBIC” refers to a small business investment company under the Small Business Investment Act of 1958, as amended; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas prior to deconsolidation of Funding I; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank, as amended and restated; “2026 Notes” refers to our 4.50% Notes due May 2026; “2026 Notes-2” refers to our 4.00% Notes due November 2026; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 Act”; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; and “RIC” refers to a regulated investment company under the Code. References to our portfolio, our investments and our business include investments we make through SBIC II and other consolidated subsidiaries.

3


 

Item 1. Consolidated Financial Statements

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

 

 

 

December 31, 2023

 

 

September 30, 2023

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost—$877,517 and $816,754, respectively)

 

$

879,245

 

 

$

830,808

 

Non-controlled, affiliated investments (amortized cost—$54,736 and $55,787, respectively)

 

 

40,829

 

 

 

54,771

 

Controlled, affiliated investments (amortized cost—$299,787 and $245,386, respectively)

 

 

290,684

 

 

 

216,068

 

Total investments (amortized cost—$1,232,040 and $1,117,927, respectively)

 

 

1,210,758

 

 

 

1,101,647

 

Cash and cash equivalents (cost—$36,850 and $38,784, respectively)

 

 

36,893

 

 

 

38,775

 

Interest receivable

 

 

9,884

 

 

 

6,820

 

Distribution receivable

 

 

5,381

 

 

 

5,079

 

Due from affiliates

 

 

181

 

 

 

 

Prepaid expenses and other assets

 

 

4,141

 

 

 

4,656

 

Total assets

 

 

1,267,238

 

 

 

1,156,977

 

Liabilities

 

 

 

 

 

 

Truist Credit Facility payable, at fair value (cost—$388,456 and $212,420, respectively)

 

 

385,016

 

 

 

206,940

 

2026 Notes payable, net (par— $150,000)

 

 

147,894

 

 

 

147,669

 

2026 Notes-2 payable, net (par— $165,000)

 

 

162,440

 

 

 

162,226

 

Payable for investment purchased

 

 

51,850

 

 

 

99,949

 

Distributions payable

 

 

4,566

 

 

 

13,697

 

Accounts payable and accrued expenses

 

 

4,323

 

 

 

6,754

 

Base management fee payable

 

 

4,004

 

 

 

3,915

 

Incentive fee payable

 

 

3,321

 

 

 

3,310

 

Interest payable on debt

 

 

3,125

 

 

 

6,231

 

Due to affiliates

 

 

1,557

 

 

 

4,099

 

Total liabilities

 

 

768,096

 

 

 

654,790

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 65,224,500 shares issued and outstanding
   Par value $
0.001 per share and 100,000,000 shares authorized

 

 

65

 

 

 

65

 

Paid-in capital in excess of par value

 

 

746,466

 

 

 

746,466

 

Accumulated deficit

 

 

(247,389

)

 

 

(244,344

)

Total net assets

 

$

499,142

 

 

$

502,187

 

Total liabilities and net assets

 

$

1,267,238

 

 

$

1,156,977

 

Net asset value per share

 

$

7.65

 

 

$

7.70

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

2022

 

Investment income:

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

Interest

 

$

21,068

 

 

$

22,231

 

Payment-in-kind

 

 

2

 

 

 

 

Dividend income

 

 

692

 

 

 

 

Other income

 

 

1,425

 

 

 

487

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

Payment-in-kind

 

 

347

 

 

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

Interest

 

 

5,481

 

 

 

2,858

 

Payment-in-kind

 

 

632

 

 

 

1,131

 

Dividend income

 

 

4,689

 

 

 

3,256

 

Total investment income

 

 

34,336

 

 

 

29,963

 

Expenses:

 

 

 

 

 

 

Interest and expenses on debt

 

 

9,557

 

 

 

9,729

 

Base management fee

 

 

4,004

 

 

 

4,602

 

Incentive fee

 

 

3,321

 

 

 

2,192

 

General and administrative expenses

 

 

1,214

 

 

 

841

 

Administrative services expenses

 

 

189

 

 

 

266

 

Expenses before provision for taxes

 

 

18,285

 

 

 

17,630

 

Provision for taxes on net investment income

 

 

393

 

 

 

2,000

 

Net expenses

 

 

18,678

 

 

 

19,630

 

Net investment income

 

 

15,658

 

 

 

10,333

 

Realized and unrealized gain (loss) on investments and debt:

 

 

 

 

 

 

Net realized gain (loss) on investments and debt:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,581

 

 

 

4,064

 

Non-controlled and controlled, affiliated investments

 

 

(750

)

 

 

 

Net realized gain (loss) on investments and debt

 

 

1,831

 

 

 

4,064

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(12,270

)

 

 

(50,517

)

Non-controlled and controlled, affiliated investments

 

 

7,324

 

 

 

(41,048

)

Provision for taxes on unrealized appreciation (depreciation) on investments

 

 

150

 

 

 

896

 

Debt appreciation (depreciation)

 

 

(2,040

)

 

 

4,378

 

Net change in unrealized appreciation (depreciation) on investments and debt

 

 

(6,836

)

 

 

(86,291

)

Net realized and unrealized gain (loss) from investments and debt

 

 

(5,005

)

 

 

(82,227

)

Net increase (decrease) in net assets resulting from operations

 

 

10,653

 

 

 

(71,894

)

Net increase (decrease) in net assets resulting from operations per common share

 

$

0.16

 

 

$

(1.10

)

Net investment income per common share

 

$

0.24

 

 

$

0.16

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands)

 

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

2022

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

Net investment income

 

$

15,658

 

 

$

10,333

 

Net realized gain (loss) on investments and debt

 

 

1,831

 

 

 

4,064

 

Net change in unrealized appreciation (depreciation) on investments

 

 

(4,946

)

 

 

(91,565

)

Net change in provision for taxes on unrealized appreciation (depreciation) on investments

 

 

150

 

 

 

896

 

Net change in unrealized (appreciation) depreciation on debt

 

 

(2,040

)

 

 

4,378

 

Net increase (decrease) in net assets resulting from operations

 

 

10,653

 

 

 

(71,894

)

Distributions to stockholders:

 

 

 

 

 

 

Distribution of net investment income

 

 

(13,698

)

 

 

(10,762

)

Total distributios to stockholders

 

 

(13,698

)

 

 

(10,762

)

Net increase (decrease) in net assets

 

 

(3,045

)

 

 

(82,656

)

Net assets:

 

 

 

 

 

 

Beginning of period

 

 

502,187

 

 

 

585,565

 

End of period

 

$

499,142

 

 

$

502,909

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

10,653

 

 

$

(71,894

)

Adjustments to reconcile net increase (decrease) in net assets resulting from
   operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Net change in net unrealized (appreciation) depreciation on investments

 

 

4,946

 

 

 

91,565

 

Net change in unrealized appreciation (depreciation) on debt

 

 

2,040

 

 

 

(4,378

)

Net realized (gain) loss on investments and cash equivalents

 

 

(1,831

)

 

 

(4,064

)

Net accretion of discount and amortization of premium

 

 

(281

)

 

 

(822

)

Purchases of investments

 

 

(281,000

)

 

 

(86,182

)

Payment-in-kind income

 

 

(980

)

 

 

(1,131

)

Proceeds from dispositions of investments

 

 

170,753

 

 

 

30,620

 

Amortization of deferred financing costs

 

 

439

 

 

 

454

 

(Increase) decrease in:

 

 

 

 

 

 

Interest receivable

 

 

(3,064

)

 

 

(531

)

Receivables from investments sold

 

 

 

 

 

29,494

 

Distribution receivable

 

 

(302

)

 

 

(836

)

Due from affiliate

 

 

(181

)

 

 

 

Prepaid expenses and other assets

 

 

(235

)

 

 

 

Increase (decrease) in:

 

 

 

 

 

 

Due to affiliate

 

 

(2,542

)

 

 

43

 

Payable for investments purchased

 

 

(48,099

)

 

 

8,325

 

Interest payable on debt

 

 

(3,106

)

 

 

(2,973

)

Base management fee payable, net

 

 

89

 

 

 

(247

)

Incentive fee payable

 

 

11

 

 

 

2,192

 

Deferred tax liability

 

 

 

 

 

5,287

 

Accounts payable and accrued expenses

 

 

(2,431

)

 

 

(4,485

)

Net cash provided by (used in) operating activities

 

 

(155,121

)

 

 

(9,563

)

Cash flows from financing activities:

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(22,828

)

 

 

(9,784

)

Borrowings under Truist Credit Facility

 

 

228,036

 

 

 

44,000

 

Repayments under Truist Credit Facility

 

 

(52,000

)

 

 

(49,000

)

Net cash provided by (used in) financing activities

 

 

153,208

 

 

 

(14,784

)

Net increase (decrease) in cash equivalents

 

 

(1,913

)

 

 

(24,347

)

Effect of exchange rate changes on cash

 

 

31

 

 

 

280

 

Cash and cash equivalents, beginning of period

 

 

38,775

 

 

 

54,775

 

Cash and cash equivalents, end of period

 

$

36,893

 

 

$

30,708

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid

 

$

12,224

 

 

$

12,248

 

Taxes paid

 

$

3,357

 

 

$

299

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

DECEMBER 31, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—176.2% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—113.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

11.97

%

 

3M SOFR+660

 

 

 

5,131

 

 

$

5,065

 

 

$

5,106

 

A1 Garage Merger Sub, LLC - Unfunded Term Loan

 

12/21/2024

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,788

 

 

 

 

 

 

18

 

A1 Garage Merger Sub, LLC - Revolver (7)

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

2,532

 

 

 

 

 

 

(13

)

ACP Avenu Buyer, LLC

 

10/02/2029

 

Business Services

 

 

11.64

%

 

3M SOFR+625

 

 

 

6,500

 

 

 

6,381

 

 

 

6,338

 

ACP Avenu Buyer, LLC - Unfunded Term Loan (7)

 

10/02/2029

 

Business Services

 

 

 

 

 

 

 

 

3,045

 

 

 

 

 

 

(34

)

ACP Avenu Buyer, LLC - Revolver (7)

 

10/02/2029

 

Business Services

 

 

 

 

 

 

 

 

1,218

 

 

 

 

 

 

(30

)

ACP Falcon Buyer, Inc. - Revolver (7)

 

08/01/2029

 

Business Services

 

 

 

 

 

 

 

 

2,533

 

 

 

 

 

 

(28

)

Ad.net Acquisition, LLC - Revolver

 

05/07/2026

 

Media

 

 

11.61

%

 

3M SOFR+626

 

 

 

222

 

 

 

222

 

 

 

221

 

Ad.net Acquisition, LLC - Revolver (7)

 

05/07/2026

 

Media

 

 

 

 

 

 

 

 

222

 

 

 

 

 

 

(1

)

Aeronix, Inc.

 

12/12/2028

 

Aerospace and Defense

 

 

10.88

%

 

3M SOFR+550

 

 

 

20,000

 

 

 

19,702

 

 

 

19,700

 

Aeronix, Inc. - Revolver (7)

 

12/12/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,489

 

 

 

 

 

 

 

AFC Dell Holding Corp.

 

04/09/2027

 

Distribution

 

 

11.72

%

 

3M SOFR+640

 

 

 

2,294

 

 

 

2,263

 

 

 

2,263

 

AFC Dell Holding Corp. - Unfunded Term Loan

 

04/09/2027

 

Distribution

 

 

 

 

 

 

 

 

13,353

 

 

 

 

 

 

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/2024

 

Media

 

 

12.00

%

 

3M SOFR+665

 

 

 

1,221

 

 

 

1,212

 

 

 

1,215

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - Revolver (7)

 

05/23/2024

 

Media

 

 

 

 

 

 

 

 

1,612

 

 

 

 

 

 

(16

)

Any Hour Services

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

11.61

%

 

3M SOFR+585

 

 

 

3,015

 

 

 

3,011

 

 

 

2,985

 

Any Hour Services - Revolver (7)

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,147

 

 

 

 

 

 

(11

)

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

11.25

%

 

3M SOFR+585

 

 

 

813

 

 

 

807

 

 

 

797

 

Applied Technical Services, LLC - Revolver

 

12/29/2026

 

Environmental Services

 

 

13.25

%

 

3M SOFR+475

 

 

 

575

 

 

 

575

 

 

 

563

 

Applied Technical Services, LLC - Revolver (7)

 

12/29/2026

 

Environmental Services

 

 

 

 

 

 

 

 

425

 

 

 

 

 

 

(9

)

Arcfield Acquisition Corp. - Revolver (7)

 

08/04/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,521

 

 

 

 

 

 

(35

)

Berwick Industrial Park

 

05/02/2024

 

Buildings and Real Estate

 

 

11.50

%

 

 

 

 

 

4,000

 

 

 

4,033

 

 

 

3,956

 

Beta Plus Technologies, Inc.

 

07/01/2029

 

Business Services

 

 

11.10

%

 

3M SOFR+575

 

 

 

4,938

 

 

 

4,860

 

 

 

4,740

 

BioDerm, Inc. - Revolver

 

01/31/2028

 

Healthcare, Education and Childcare

 

 

11.84

%

 

3M SOFR+650

 

 

 

268

 

 

 

268

 

 

 

265

 

BioDerm, Inc. - Revolver (7)

 

01/31/2028

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

804

 

 

 

 

 

 

(8

)

Blackhawk Industrial Distribution, Inc.

 

09/17/2026

 

Distribution

 

 

11.70

%

 

3M SOFR+640

 

 

 

5,699

 

 

 

5,657

 

 

 

5,627

 

Blackhawk Industrial Distribution, Inc.(7)

 

09/17/2026

 

Distribution

 

 

 

 

 

 

 

 

2,996

 

 

 

 

 

 

(8

)

Blackhawk Industrial Distribution, Inc. - Revolver

 

09/17/2026

 

Distribution

 

 

13.75

%

 

3M SOFR+525

 

 

 

1,030

 

 

 

1,030

 

 

 

1,017

 

Blackhawk Industrial Distribution, Inc. - Revolver (7)

 

09/17/2026

 

Distribution

 

 

 

 

 

 

 

 

2,402

 

 

 

 

 

 

(30

)

BlueHalo Financing Holdings, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

12.04

%

 

3M SOFR+665

 

 

 

1,118

 

 

 

1,097

 

 

 

1,095

 

Broder Bros., Co.

 

12/04/2025

 

Consumer Products

 

 

11.61

%

 

3M SOFR+626

 

 

 

9,773

 

 

 

9,773

 

 

 

9,773

 

Carisk Buyer, Inc.

 

12/01/2029

 

Healthcare, Education and Childcare

 

 

11.10

%

 

3M SOFR+575

 

 

 

5,500

 

 

 

5,418

 

 

 

5,418

 

Carisk Buyer, Inc. - Unfunded Term Loan (7)

 

12/01/2029

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

4,813

 

 

 

 

 

 

(24

)

Carisk Buyer, Inc. - Revolver (7)

 

12/01/2029

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,750

 

 

 

 

 

 

(26

)

Cartessa Aesthetics, LLC

 

06/14/2028

 

Distribution

 

 

11.10

%

 

3M SOFR+575

 

 

 

33,970

 

 

 

33,435

 

 

 

33,970

 

Cartessa Aesthetics, LLC - Revolver

 

06/14/2028

 

Distribution

 

 

11.10

%

 

3M SOFR+575

 

 

 

1,265

 

 

 

1,265

 

 

 

1,265

 

Cartessa Aesthetics, LLC - Revolver (7)

 

06/14/2028

 

Distribution

 

 

 

 

 

 

 

 

2,297

 

 

 

 

 

 

 

CF512, Inc.

 

08/20/2026

 

Media

 

 

11.56

%

 

3M SOFR+619

 

 

 

6,575

 

 

 

6,512

 

 

 

6,444

 

CF512, Inc. - Revolver (7)

 

08/20/2026

 

Media

 

 

 

 

 

 

 

 

909

 

 

 

 

 

 

(18

)

Compex Legal Services, Inc.

 

02/09/2026

 

Business Services

 

 

10.90

%

 

3M SOFR+555

 

 

 

946

 

 

 

938

 

 

 

946

 

Compex Legal Services, Inc. - Revolver

 

02/07/2025

 

Business Services

 

 

10.90

%

 

3M SOFR+555

 

 

 

197

 

 

 

197

 

 

 

197

 

Compex Legal Services, Inc. - Revolver (7)

 

02/07/2025

 

Business Services

 

 

 

 

 

 

 

 

459

 

 

 

 

 

 

 

Confluent Health, LLC

 

11/30/2028

 

Healthcare, Education and Childcare

 

 

12.86

%

 

3M SOFR+750

 

 

 

1,985

 

 

 

1,855

 

 

 

1,985

 

Connatix Buyer, Inc. - Revolver (7)

 

07/13/2027

 

Media

 

 

 

 

 

 

 

 

1,875

 

 

 

 

 

 

(84

)

Crane 1 Services, Inc. - Revolver

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

10.36

%

 

3M SOFR+501

 

 

 

117

 

 

 

117

 

 

 

116

 

Crane 1 Services, Inc. - Revolver (7)

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

175

 

 

 

 

 

 

(1

)

Dr. Squatch, LLC

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

11.22

%

 

3M SOFR+585

 

 

 

6,189

 

 

 

6,136

 

 

 

6,189

 

Dr. Squatch, LLC (7)

 

08/27/2026

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

2,000

 

 

 

 

 

 

20

 

Dr. Squatch, LLC - Revolver (7)

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

2,326

 

 

 

 

 

 

 

DRS Holdings III, Inc.

 

11/03/2025

 

Consumer Products

 

 

11.75

%

 

3M SOFR+640

 

 

 

6

 

 

 

6

 

 

 

6

 

DRS Holdings III, Inc. - Revolver (7)

 

11/03/2025

 

Consumer Products

 

 

 

 

 

 

 

 

1,783

 

 

 

 

 

 

(20

)

EDS Buyer, LLC

 

12/22/2028

 

Aerospace and Defense

 

 

11.62

%

 

3M SOFR+625

 

 

 

6,203

 

 

 

6,121

 

 

 

6,141

 

EDS Buyer, LLC - Unfunded Term Loan

 

12/22/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

5,625

 

 

 

 

 

 

14

 

EDS Buyer, LLC - Revolver (7)

 

12/22/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,688

 

 

 

 

 

 

(17

)

ETE Intermediate II, LLC - Revolver (7)

 

05/25/2029

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,656

 

 

 

 

 

 

 

Exigo Intermediate II, LLC

 

03/15/2027

 

Business Services

 

 

11.46

%

 

3M SOFR+610

 

 

 

24,313

 

 

 

24,051

 

 

 

23,948

 

Exigo Intermediate II, LLC - Revolver (7)

 

03/15/2027

 

Business Services

 

 

 

 

 

 

 

 

1,856

 

 

 

 

 

 

(28

)

Five Star Buyer, Inc.

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

12.46

%

 

3M SOFR+710

 

 

 

196

 

 

 

196

 

 

 

193

 

Five Star Buyer, Inc. - Unfunded Term Loan (7)

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

 

 

 

837

 

 

 

 

 

 

(13

)

Five Star Buyer, Inc. - Revolver (7)

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

 

 

 

741

 

 

 

 

 

 

(11

)

Gauge ETE Blocker, LLC - Promissory Note

 

05/19/2029

 

Personal, Food and Miscellaneous Services

 

 

12.56

%

 

 

 

 

 

215

 

 

 

215

 

 

 

215

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

8


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Graffiti Buyer, Inc.

 

08/10/2027

 

Distribution

 

 

10.98

%

 

3M SOFR+560

 

 

 

890

 

 

$

882

 

 

$

881

 

Graffiti Buyer, Inc. - Revolver

 

08/10/2027

 

Distribution

 

 

10.98

%

 

3M SOFR+560

 

 

 

265

 

 

 

265

 

 

 

262

 

Graffiti Buyer, Inc. - Revolver (7)

 

08/10/2027

 

Distribution

 

 

 

 

 

 

 

 

504

 

 

 

 

 

 

(5

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

10.96

%

 

1M SOFR+560

 

 

 

335

 

 

 

335

 

 

 

322

 

Hancock Roofing and Construction L.L.C. - Revolver (7)

 

12/31/2026

 

Insurance

 

 

 

 

 

 

 

 

415

 

 

 

 

 

 

(17

)

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

11.75

%

 

3M SOFR+600

 

 

 

10,617

 

 

 

10,439

 

 

 

10,555

 

Holdco Sands Intermediate, LLC - Revolver (7)

 

11/23/2027

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,941

 

 

 

 

 

 

(39

)

HV Watterson Holdings, LLC

 

12/17/2026

 

Business Services

 

 

11.50

%

 

1M SOFR+615

 

 

 

278

 

 

 

276

 

 

 

278

 

HV Watterson Holdings, LLC  (7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

2,219

 

 

 

 

 

 

17

 

HV Watterson Holdings, LLC - Revolver

 

12/17/2026

 

Business Services

 

 

11.50

%

 

3M SOFR+615

 

 

 

1,000

 

 

 

1,000

 

 

 

1,000

 

HV Watterson Holdings, LLC - Revolver (7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

250

 

 

 

 

 

 

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

11.81

%

 

3M SOFR+640

 

 

 

11,237

 

 

 

11,182

 

 

 

11,069

 

HW Holdco, LLC - Revolver

 

12/10/2024

 

Media

 

 

11.79

%

 

3M SOFR+640

 

 

 

271

 

 

 

271

 

 

 

267

 

HW Holdco, LLC - Revolver (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,116

 

 

 

 

 

 

(47

)

IG Investments Holdings, LLC - Revolver (7)

 

09/22/2027

 

Business Services

 

 

 

 

 

 

 

 

477

 

 

 

 

 

 

(7

)

Imagine Acquisitionco, LLC (7)

 

11/15/2027

 

Business Services

 

 

 

 

 

 

 

 

2,341

 

 

 

 

 

 

(12

)

Imagine Acquisitionco, LLC - Revolver (7)

 

11/15/2027

 

Business Services

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

(25

)

Inception Fertility Ventures, LLC

 

12/07/2024

 

Healthcare, Education and Childcare

 

 

12.64

%

 

3M SOFR+725

 

 

 

21,249

 

 

 

21,077

 

 

 

21,249

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

12.22

%

 

3M SOFR+685

 

 

 

2,084

 

 

 

2,084

 

 

 

2,084

 

Infinity Home Services Holdco, Inc. (10)

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

11.50

%

 

3M SOFR+600

 

 

 

CAD 2,223

 

 

 

1,599

 

 

 

1,656

 

Infinity Home Services Holdco, Inc. - Unfunded Term Loan

 

02/15/2024

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,135

 

 

 

 

 

 

 

Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (7)

 

11/17/2025

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

9,384

 

 

 

 

 

 

(47

)

Infinity Home Services Holdco, Inc. - Revolver (7)

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,292

 

 

 

 

 

 

 

Infolinks Media Buyco, LLC

 

11/01/2026

 

Media

 

 

11.21

%

 

3M SOFR+585

 

 

 

1,416

 

 

 

1,402

 

 

 

1,416

 

Integrity Marketing Acquisition, LLC

 

08/27/2026

 

Insurance

 

 

11.54

%

 

3M SOFR+615

 

 

 

9,940

 

 

 

9,902

 

 

 

9,840

 

Integrity Marketing Acquisition, LLC - Unfunded Term Loan

 

08/31/2025

 

Insurance

 

 

 

 

 

 

 

 

2,325

 

 

 

 

 

 

(12

)

Integrity Marketing Acquisition, LLC - Revolver (7)

 

08/31/2025

 

Insurance

 

 

 

 

 

 

 

 

160

 

 

 

 

 

 

 

Inventus Power, Inc. - Revolver (7)

 

06/30/2025

 

Electronics

 

 

 

 

 

 

 

 

1,729

 

 

 

 

 

 

(35

)

ITI Holdings, Inc.

 

03/03/2028

 

Business Services

 

 

11.02

%

 

3M SOFR+565

 

 

 

8,815

 

 

 

8,701

 

 

 

8,551

 

ITI Holdings, Inc. - Revolver

 

03/03/2028

 

Business Services

 

 

12.07

%

 

3M SOFR+560

 

 

 

1,121

 

 

 

1,121

 

 

 

1,087

 

ITI Holdings, Inc. - Revolver (7)

 

03/03/2028

 

Business Services

 

 

 

 

 

 

 

 

370

 

 

 

 

 

 

(11

)

K2 Pure Solutions NoCal, L.P.

 

01/31/2024

 

Chemicals, Plastics and Rubber

 

 

15.46

%

 

3M SOFR+1010

 

 

 

8,859

 

 

 

8,856

 

 

 

8,859

 

K2 Pure Solutions NoCal, L.P. - Revolver (7)

 

01/31/2024

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,938

 

 

 

 

 

 

 

Kinetic Purchaser, LLC

 

11/10/2027

 

Consumer Products

 

 

11.50

%

 

3M SOFR+615

 

 

 

9,150

 

 

 

8,947

 

 

 

9,104

 

Kinetic Purchaser, LLC - Revolver (7)

 

11/10/2026

 

Consumer Products

 

 

 

 

 

 

 

 

4,854

 

 

 

 

 

 

(24

)

Lash OpCo, LLC

 

02/18/2027

 

Consumer Products

 

 

12.48

%

 

1M SOFR+700

 

 

 

2,799

 

 

 

2,760

 

 

 

2,785

 

Lash OpCo, LLC - Revolver

 

08/16/2026

 

Consumer Products

 

 

12.53

%

 

1M SOFR+700

 

 

 

1,977

 

 

 

1,977

 

 

 

1,967

 

Lash OpCo, LLC - Revolver (7)

 

08/16/2026

 

Consumer Products

 

 

 

 

 

 

 

 

935

 

 

 

 

 

 

(5

)

LAV Gear Holdings, Inc.

 

10/31/2025

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

11.81

%

 

1M SOFR+640

 

 

 

2,047

 

 

 

2,047

 

 

 

2,002

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc.

 

11/09/2026

 

Consumer Products

 

 

12.00

%

 

3M SOFR+665

 

 

 

9,062

 

 

 

8,950

 

 

 

8,971

 

Ledge Lounger, Inc. - Revolver

 

11/09/2026

 

Consumer Products

 

 

12.00

%

 

3M SOFR+665

 

 

 

1,449

 

 

 

1,449

 

 

 

1,435

 

Ledge Lounger, Inc. - Revolver (7)

 

11/09/2026

 

Consumer Products

 

 

 

 

 

 

 

 

483

 

 

 

 

 

 

(5

)

Lightspeed Buyer Inc.

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

10.71

%

 

1M SOFR+535

 

 

 

2,192

 

 

 

2,182

 

 

 

2,182

 

Lightspeed Buyer Inc. - Revolver (7)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,166

 

 

 

 

 

 

(6

)

LJ Avalon Holdings, LLC

 

02/01/2030

 

Environmental Services

 

 

11.86

%

 

1M SOFR+640

 

 

 

572

 

 

 

565

 

 

 

560

 

LJ Avalon Holdings, LLC - Unfunded Term Loan

 

07/31/2024

 

Environmental Services

 

 

 

 

 

 

 

 

894

 

 

 

 

 

 

(4

)

LJ Avalon Holdings, LLC - Revolver (7)

 

01/31/2030

 

Environmental Services

 

 

 

 

 

 

 

 

587

 

 

 

 

 

 

(12

)

LSF9 Atlantis Holdings, LLC

 

03/31/2029

 

Retail

 

 

12.60

%

 

3M SOFR+725

 

 

 

5,550

 

 

 

5,370

 

 

 

5,404

 

Loving Tan Intermediate II, Inc.

 

05/31/2028

 

Consumer Products

 

 

12.35

%

 

3M SOFR+700

 

 

 

4,975

 

 

 

4,883

 

 

 

4,925

 

Loving Tan Intermediate II, Inc. - Revolver

 

05/31/2028

 

Consumer Products

 

 

12.35

%

 

3M SOFR+700

 

 

 

347

 

 

 

347

 

 

 

344

 

Loving Tan Intermediate II, Inc. - Revolver (7)

 

05/31/2028

 

Consumer Products

 

 

 

 

 

 

 

 

284

 

 

 

 

 

 

(3

)

Mars Acquisition Holdings Corp.

 

05/14/2026

 

Media

 

 

11.00

%

 

3M SOFR+565

 

 

 

1,831

 

 

 

1,805

 

 

 

1,831

 

Mars Acquisition Holdings Corp. - Revolver (7)

 

05/14/2026

 

Media

 

 

 

 

 

 

 

 

1,209

 

 

 

 

 

 

 

MBS Holdings, Inc. - Revolver

 

04/16/2027

 

Telecommunications

 

 

11.21

%

 

3M SOFR+585

 

 

 

417

 

 

 

417

 

 

 

410

 

MBS Holdings, Inc. - Revolver (7)

 

04/16/2027

 

Telecommunications

 

 

 

 

 

 

 

 

278

 

 

 

 

 

 

(4

)

MDI Buyer, Inc.

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

3M SOFR+625

 

 

 

20,084

 

 

 

19,796

 

 

 

19,585

 

MDI Buyer, Inc. - Revolver

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

11.38

%

 

3M SOFR+600

 

 

 

787

 

 

 

787

 

 

 

767

 

MDI Buyer, Inc. - Revolver (7)

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,440

 

 

 

-

 

 

 

(22

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

Business Services

 

 

10.66

%

 

3M SOFR+565

 

 

 

1,937

 

 

 

1,920

 

 

 

1,879

 

Meadowlark Acquirer, LLC Term Loan II

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

8,922

 

 

 

 

 

 

(178

)

Meadowlark Acquirer, LLC - Revolver (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

(51

)

Medina Health, LLC

 

10/20/2028

 

Healthcare, Education and Childcare

 

 

11.60

%

 

3M SOFR+625

 

 

 

19,949

 

 

 

19,608

 

 

 

19,550

 

Medina Health, LLC - Revolver

 

10/20/2028

 

Healthcare, Education and Childcare

 

 

11.60

%

 

3M SOFR+625

 

 

 

416

 

 

 

416

 

 

 

408

 

Medina Health, LLC - Revolver (7)

 

10/20/2028

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

2,358

 

 

 

 

 

 

(47

)

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

9


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

DECEMBER 31, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Municipal Emergency Services, Inc.

 

09/28/2027

 

Distribution

 

 

10.52

%

 

3M SOFR+515

 

 

 

483

 

 

$

483

 

 

$

483

 

Municipal Emergency Services, Inc. - Unfunded Term Loan A

 

12/16/2024

 

Distribution

 

 

 

 

 

 

 

 

769

 

 

 

 

 

 

(1

)

Municipal Emergency Services, Inc. - Unfunded Term Loan B

 

12/16/2024

 

Distribution

 

 

 

 

 

 

 

 

2,510

 

 

 

 

 

 

(3

)

Municipal Emergency Services, Inc. - Revolver (7)

 

09/28/2027

 

Distribution

 

 

 

 

 

 

 

 

1,880

 

 

 

 

 

 

(2

)

NBH Group LLC - Revolver (7)

 

08/19/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,163

 

 

 

 

 

 

(70

)

Neptune Flood Incorporated - Revolver (7)

 

05/09/2029

 

Insurance

 

 

 

 

 

 

 

 

541

 

 

 

 

 

 

 

NORA Acquisition, LLC

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

11.70

%

 

3M SOFR+635

 

 

 

5,486

 

 

 

5,381

 

 

 

5,404

 

NORA Acquisition, LLC - Revolver (7)

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

2,707

 

 

 

 

 

 

(41

)

Omnia Exterior Solutions, LLC

 

12/29/2029

 

Diversified Conglomerate Service

 

 

10.85

%

 

3M SOFR+550

 

 

 

3,500

 

 

 

3,448

 

 

 

3,448

 

Omnia Exterior Solutions, LLC - Unfunded Term Loan (7)

 

03/28/2024

 

Diversified Conglomerate Service

 

 

 

 

 

 

 

 

2,800

 

 

 

 

 

 

 

Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (7)

 

12/29/2025

 

Diversified Conglomerate Service

 

 

 

 

 

 

 

 

4,900

 

 

 

 

 

 

 

Omnia Exterior Solutions, LLC - Revolver (7)

 

12/29/2029

 

Diversified Conglomerate Service

 

 

 

 

 

 

 

 

1,400

 

 

 

 

 

 

 

ORL Acquisition, Inc.

 

09/03/2027

 

Business Services

 

 

12.75

%

 

3M SOFR+740

 

 

 

4,397

 

 

 

4,339

 

 

 

3,738

 

ORL Acquisition, Inc. - Revolver (7)

 

09/03/2027

 

Business Services

 

 

 

 

 

 

 

 

597

 

 

 

 

 

 

(90

)

OSP Embedded Purchaser, LLC

 

12/15/2029

 

Aerospace and Defense

 

 

11.22

%

 

3M SOFR+585

 

 

 

6,500

 

 

 

6,386

 

 

 

6,386

 

OSP Embedded Purchaser, LLC - Revolver (7)

 

12/15/2029

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,477

 

 

 

 

 

 

 

Ox Two, LLC

 

05/18/2026

 

Building Materials

 

 

12.90

%

 

1M SOFR+751

 

 

 

13,578

 

 

 

13,457

 

 

 

13,408

 

Ox Two, LLC - Revolver (7)

 

05/18/2026

 

Building Materials

 

 

 

 

 

 

 

 

2,419

 

 

 

 

 

 

(30

)

Pacific Purchaser, LLC

 

09/30/2028

 

Business Services

 

 

11.43

%

 

3M SOFR+625

 

 

 

13,000

 

 

 

12,747

 

 

 

12,805

 

Pacific Purchaser, LLC - Unfunded Term Loan (7)

 

09/30/2028

 

Business Services

 

 

 

 

 

 

 

 

2,747

 

 

 

 

 

 

 

Pacific Purchaser, LLC - Revolver (7)

 

09/30/2028

 

Business Services

 

 

 

 

 

 

 

 

1,373

 

 

 

 

 

 

(21

)

Pequod Merger Sub, Inc. - Unfunded Term Loan

 

12/02/2026

 

Financial Services

 

 

 

 

 

 

 

 

2,847

 

 

 

 

 

 

(57

)

Pequod Merger Sub, Inc. - Revolver (7)

 

12/02/2026

 

Financial Services

 

 

 

 

 

 

 

 

757

 

 

 

 

 

 

(15

)

PL Acquisitionco, LLC - Revolver (7)

 

11/09/2027

 

Retail

 

 

 

 

 

 

 

 

3,236

 

 

 

 

 

 

(372

)

Pragmatic Institute, LLC

 

07/06/2028

 

Business Services

 

 

11.14

%

 

3M SOFR+575

 

 

 

34,898

 

 

 

34,478

 

 

 

32,630

 

Pragmatic Institute, LLC Unfunded Term Loan

 

07/06/2028

 

Business Services

 

 

 

 

 

 

 

 

7,193

 

 

 

 

 

 

(396

)

Pragmatic Institute, LLC - Revolver

 

07/06/2028

 

Business Services

 

 

11.14

%

 

3M SOFR+575

 

 

 

4,795

 

 

 

4,795

 

 

 

4,483

 

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

11.70

%

 

3M SOFR+635

 

 

 

1,480

 

 

 

1,471

 

 

 

1,450

 

Quantic Electronics, LLC - Revolver

 

11/19/2026

 

Aerospace and Defense

 

 

11.70

%

 

3M SOFR+635

 

 

 

528

 

 

 

528

 

 

 

518

 

Questex, LLC

 

09/09/2024

 

Media

 

 

9.77

%

 

3M SOFR+440

 

 

 

20,193

 

 

 

20,135

 

 

 

20,193

 

Questex, LLC - Revolver (7)

 

09/09/2024

 

Media

 

 

 

 

 

 

 

 

3,590

 

 

 

 

 

 

 

Radius Aerospace, Inc. - Revolver

 

03/31/2025

 

Aerospace and Defense

 

 

11.24

%

 

3M SOFR+575

 

 

 

594

 

 

 

594

 

 

 

588

 

Radius Aerospace, Inc. - Revolver (7)

 

03/31/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,633

 

 

 

 

 

 

(16

)

Rancho Health MSO, Inc. (7)

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

11.24

%

 

3M SOFR+585

 

 

 

79

 

 

 

79

 

 

 

79

 

Rancho Health MSO, Inc. - Unfunded Term Loan

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

494

 

 

 

 

 

 

 

Rancho Health MSO, Inc. - Revolver

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

11.20

%

 

3M SOFR+585

 

 

 

210

 

 

 

210

 

 

 

210

 

Rancho Health MSO, Inc. - Revolver (7)

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

315

 

 

 

 

 

 

 

Reception Purchaser, LLC

 

02/28/2028

 

Transportation

 

 

11.50

%

 

3M SOFR+615

 

 

 

5,848

 

 

 

5,780

 

 

 

5,672

 

Recteq, LLC - Revolver (7)

 

01/29/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,127

 

 

 

 

 

 

(39

)

Research Now Group, Inc. and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

11.14

%

 

3M SOFR+576

 

 

 

124

 

 

 

124

 

 

 

109

 

Riverpoint Medical, LLC - Revolver

 

06/20/2025

 

Healthcare, Education and Childcare

 

 

10.46

%

 

3M SOFR+510

 

 

 

91

 

 

 

91

 

 

 

90

 

Riverpoint Medical, LLC - Revolver (7)

 

06/20/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

273

 

 

 

 

 

 

(2

)

Riverside Assessments, LLC

 

03/10/2025

 

Education

 

 

11.28

%

 

3M SOFR+590

 

 

 

11,640

 

 

 

11,544

 

 

 

11,524

 

Rural Sourcing Holdings, Inc. - Unfunded Term Loan

 

06/15/2029

 

Business Services

 

 

 

 

 

 

 

 

1,146

 

 

 

 

 

 

 

Rural Sourcing Holdings, Inc. - Revolver (7)

 

06/15/2029

 

Business Services

 

 

 

 

 

 

 

 

860

 

 

 

 

 

 

(13

)

S101 Holdings, Inc. - Unfunded Term Loan (7)

 

06/15/2024

 

Electronics

 

 

 

 

 

 

 

 

2,277

 

 

 

 

 

 

 

S101 Holdings, Inc. - Unfunded Term Loan 2 (7)

 

12/15/2024

 

Electronics

 

 

 

 

 

 

 

 

5,313

 

 

 

 

 

 

 

Sales Benchmark Index LLC - Revolver (7)

 

01/03/2025

 

Business Services

 

 

 

 

 

 

 

 

732

 

 

 

 

 

 

(4

)

Sargent & Greenleaf Inc. - Revolver

 

12/20/2024

 

Electronics

 

 

11.92

%

 

3M SOFR+660

 

 

 

338

 

 

 

338

 

 

 

336

 

Sargent & Greenleaf Inc. - Revolver (7)

 

12/20/2024

 

Electronics

 

 

 

 

 

 

 

 

274

 

 

 

 

 

 

(1

)

Schlesinger Global, Inc.

 

07/14/2025

 

Business Services

 

 

13.16

%

 

3M SOFR+715

 

 

 

4,635

 

 

 

4,604

 

 

 

4,485

 

Schlesinger Global, Inc. - Revolver

 

07/14/2025

 

Business Services

 

 

12.53

%

 

3M SOFR+715

 

 

 

30

 

 

 

30

 

 

 

29

 

 

 

 

 

 

 

(PIK 0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. - Revolver (7)

 

07/14/2025

 

Business Services

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

Seaway Buyer, LLC - Revolver

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

11.52

%

 

3M SOFR+615

 

 

 

4,740

 

 

 

4,681

 

 

 

4,574

 

Seaway Buyer, LLC

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

11.50

%

 

3M SOFR+615

 

 

 

313

 

 

 

313

 

 

 

302

 

Seaway Buyer, LLC - Revolver (7)

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,814

 

 

 

 

 

 

(98

)

Shiftkey, LLC

 

06/21/2027

 

Business Services

 

 

11.36

%

 

3M SOFR+601

 

 

 

17,730

 

 

 

17,598

 

 

 

17,234

 

Sigma Defense Systems, LLC

 

12/18/2027

 

Telecommunications

 

 

12.50

%

 

1M SOFR+715

 

 

 

26,138

 

 

 

25,532

 

 

 

25,877

 

Sigma Defense Systems, LLC - Revolver

 

12/18/2027

 

Telecommunications

 

 

12.50

%

 

1M SOFR+715

 

 

 

1,786

 

 

 

1,786

 

 

 

1,768

 

Sigma Defense Systems, LLC - Revolver (7)

 

12/18/2027

 

Telecommunications

 

 

 

 

 

 

 

 

1,190

 

 

 

 

 

 

(12

)

Signature Systems Holding Company - Revolver (7)

 

05/03/2024

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,016

 

 

 

 

 

 

 

Solutionreach, Inc. - Revolver (7)

 

07/17/2025

 

Communications

 

 

 

 

 

 

 

 

833

 

 

 

 

 

 

(2

)

Spendmend Holdings LLC

 

03/01/2028

 

Business Services

 

 

11.00

%

 

3M SOFR+565

 

 

 

99

 

 

 

98

 

 

 

98

 

Spendmend Holdings LLC - Revolver

 

03/01/2028

 

Business Services

 

 

11.02

%

 

3M SOFR+565

 

 

 

561

 

 

 

561

 

 

 

554

 

Spendmend Holdings LLC (7)

 

03/01/2028

 

Business Services

 

 

 

 

 

 

 

 

2,684

 

 

 

 

 

 

(9

)

 

 

Cas

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

10


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Spendmend Holdings LLC - Revolver (7)

 

03/01/2028

 

 

Business Services

 

 

 

 

 

 

 

 

841

 

 

$

-

 

 

$

(9

)

System Planning and Analysis, Inc. - Revolver (7) 
(f/k/a Management Consulting & Research, LLC)

 

08/16/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,925

 

 

 

 

 

 

(18

)

The Bluebird Group LLC

 

07/27/2026

 

 

Business Services

 

 

12.00

%

 

3M SOFR+665

 

 

 

2,549

 

 

 

2,515

 

 

 

2,521

 

The Bluebird Group LLC - Revolver (7)

 

07/27/2026

 

 

Business Services

 

 

 

 

 

 

 

 

734

 

 

 

 

 

 

(8

)

The Plimpton & Hills Corporation

 

11/08/2029

 

 

Distribution

 

 

11.37

%

 

3M SOFR+600

 

 

 

14,400

 

 

 

14,186

 

 

 

14,184

 

The Plimpton & Hills Corporation - Unfunded Term Loan (7)

 

11/07/2025

 

 

Distribution

 

 

 

 

 

 

 

 

9,144

 

 

 

 

 

 

(46

)

The Vertex Companies, LLC

 

08/30/2027

 

 

Business Services

 

 

11.71

%

 

3M SOFR+635

 

 

 

185

 

 

 

182

 

 

 

186

 

The Vertex Companies, LLC - Revolver

 

08/30/2027

 

 

Business Services

 

 

11.46

%

 

3M SOFR+610

 

 

 

248

 

 

 

248

 

 

 

247

 

The Vertex Companies, LLC - Revolver (7)

 

08/30/2027

 

 

Business Services

 

 

 

 

 

 

 

 

492

 

 

 

 

 

 

(1

)

TransGo, LLC

 

12/29/2028

 

 

Machinery

 

 

11.35

%

 

3M SOFR+600

 

 

 

25,000

 

 

 

24,626

 

 

 

24,625

 

TransGo, LLC - Revolver (7)

 

12/29/2028

 

 

Machinery

 

 

 

 

 

 

 

 

3,323

 

 

 

 

 

 

 

TWS Acquisition Corporation - Revolver (7)

 

06/16/2025

 

 

Education

 

 

 

 

 

 

 

 

1,644

 

 

 

 

 

 

 

Tyto Athene, LLC (New Issue) - Revolver

 

04/01/2026

 

 

Aerospace and Defense

 

 

11.02

%

 

3M SOFR+565

 

 

 

109

 

 

 

109

 

 

 

101

 

Tyto Athene, LLC - Revolver (7)

 

04/01/2026

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

255

 

 

 

 

 

 

(19

)

Urology Management Holdings, Inc.

 

06/15/2026

 

 

Healthcare, Education and Childcare

 

 

12.04

%

 

3M SOFR+665

 

 

 

4,189

 

 

 

4,189

 

 

 

4,102

 

Urology Management Holdings, Inc. - Unfunded Term Loan

 

02/01/2024

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

3,033

 

 

 

 

 

 

(63

)

Watchtower Intermediate, LLC

 

12/01/2029

 

 

Electronics

 

 

11.38

%

 

3M SOFR+600

 

 

 

19,250

 

 

 

18,941

 

 

 

18,865

 

Watchtower Intermediate, LLC. - Unfunded Term Loan (7)

 

12/01/2025

 

 

Electronics

 

 

 

 

 

 

 

 

4,200

 

 

 

 

 

 

(37

)

Watchtower Intermediate, LLC. - Revolver

 

12/01/2029

 

 

Electronics

 

 

11.38

%

 

3M SOFR+600

 

 

 

1,260

 

 

 

1,260

 

 

 

1,235

 

Watchtower Intermediate, LLC. - Revolver (7)

 

12/01/2029

 

 

Electronics

 

 

 

 

 

 

 

 

5,040

 

 

 

 

 

 

(101

)

Wildcat Buyerco, Inc.

 

02/27/2027

 

 

Electronics

 

 

11.11

%

 

3M SOFR+575

 

 

 

4,620

 

 

 

4,573

 

 

 

4,551

 

Wildcat Buyerco, Inc. - Unfunded Term Loan (7)

 

02/27/2027

 

 

Electronics

 

 

 

 

 

 

 

 

2,737

 

 

 

 

 

 

(14

)

Wildcat Buyerco, Inc. - Revolver (7)

 

02/27/2027

 

 

Electronics

 

 

 

 

 

 

 

 

551

 

 

 

 

 

 

(8

)

Zips Car Wash, LLC

 

03/01/2024

 

 

Auto Sector

 

 

12.71

%

 

3M SOFR+735

 

 

 

2,589

 

 

 

2,582

 

 

 

2,531

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

571,058

 

 

 

565,170

 

Second Lien Secured Debt—15.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ascensus Holdings, Inc.

 

08/02/2028

 

 

Financial Services

 

 

12.18

%

 

3M SOFR+676

 

 

 

3,000

 

 

 

2,728

 

 

 

2,876

 

Atlas Purchaser, Inc

 

05/07/2029

 

 

Telecommunications

 

 

14.64

%

 

3M SOFR+900

 

 

 

17,000

 

 

 

16,613

 

 

 

11,509

 

Best Practice Associates LLC

 

06/29/2027

 

 

Aerospace and Defense

 

 

14.52

%

 

3M SOFR+915

 

 

 

17,825

 

 

 

17,573

 

 

 

17,469

 

Burgess Point Purchaser Corporation

 

07/28/2030

 

 

Auto Sector

 

 

14.46

%

 

3M SOFR+910

 

 

 

8,000

 

 

 

7,680

 

 

 

7,920

 

ENC Parent Corporation

 

08/19/2029

 

 

Business Services

 

 

13.11

%

 

3M SOFR+776

 

 

 

7,500

 

 

 

7,441

 

 

 

6,900

 

Halo Buyer, Inc.

 

07/06/2026

 

 

Consumer Products

 

 

13.71

%

 

1M SOFR+835

 

 

 

32,500

 

 

 

32,248

 

 

 

31,606

 

QuantiTech LLC

 

02/04/2027

 

 

Aerospace and Defense

 

 

15.47

%

 

3M SOFR+1010

 

 

 

150

 

 

 

148

 

 

 

150

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84,431

 

 

 

78,430

 

Subordinated Debt/Corporate Notes—9.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Express Wash Acquisition Company, LLC

 

01/15/2029

 

 

Auto Sector

 

 

15.11

%

 

3M SOFR+976

 

 

 

22,219

 

 

 

21,588

 

 

 

21,552

 

Flock Financial, LLC

 

05/26/2027

 

 

Financial Services

 

 

14.50

%

 

 

 

 

 

34,000

 

 

 

33,385

 

 

 

27,200

 

Total Subordinated Debt/Corporate Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,973

 

 

 

48,752

 

Preferred Equity/Partnership Interests—3.1% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc.

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,400

 

 

 

240

 

 

 

267

 

AH Newco Equityholdings, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

6.00

%

 

 

 

 

 

211

 

 

 

500

 

 

 

994

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

1,135

 

 

 

1,158

 

Cartessa Aesthetics, LLC (9)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,562,500

 

 

 

3,563

 

 

 

5,287

 

Gauge Lash Coinvest, LLC - Preferred Equity

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

64,967

 

 

 

351

 

 

 

1,103

 

Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

Imagine Topco, LP Preferred

 

 

 

 

Business Services

 

 

8.00

%

 

 

 

 

 

743,826

 

 

 

744

 

 

 

769

 

Mars Intermediate Holdings II, Inc (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

414

 

 

 

568

 

Magnolia Topco LP - Class A Preferred Equity (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

1,545

 

 

 

1,545

 

 

 

1,598

 

Magnolia Topco LP - Class B Preferred Equity  (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

1,018

 

 

 

643

 

 

 

546

 

NXOF Holdings, Inc. (Tyto Athene, LLC)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

160

 

 

 

160

 

 

 

163

 

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

575

 

 

 

57

 

 

 

 

PL Acquisitionco, LLC - Preferred Equity

 

 

 

 

Retail

 

 

 

 

 

 

 

 

37

 

 

 

37

 

 

 

42

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

12.00

%

 

 

 

 

 

1,527

 

 

 

1,527

 

 

 

2,564

 

TPC Holding Company, LP (8),(11)

 

 

 

 

Food

 

 

 

 

 

 

 

 

219

 

 

 

219

 

 

 

329

 

TWD Parent Holdings, LLC Preferred

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

30

 

 

 

30

 

 

 

38

 

(The Vertex Companies, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,166

 

 

 

15,427

 

Common Equity/Partnership Interests/Warrants—24.4% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC (9)

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

2,193,038

 

 

 

2,193

 

 

 

2,430

 

Ad.net Holdings, Inc.

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,667

 

 

 

27

 

 

 

 

AFC Acquisitions, Inc. (9)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

749,163

 

 

 

749

 

 

 

749

 

Affinion Group Holdings, Inc. (Warrants)

 

04/10/24

 

 

Consumer Products

 

 

 

 

 

 

 

 

77,190

 

 

 

2,126

 

 

 

 

Aftermarket Drivetrain Products Holdings, LLC

 

 

 

 

Machinery

 

 

 

 

 

 

 

 

1,645

 

 

 

1,645

 

 

 

1,645

 

AG Investco LP (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

805,164

 

 

 

805

 

 

 

1,125

 

AG Investco LP (7), (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

194,836

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

11


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Altamira Intermediate Company II, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

125,000

 

 

$

125

 

 

$

126

 

AMCSI Crash Co-Invest, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

2,489,777

 

 

 

2,490

 

 

 

3,318

 

AMCSI Crash Co-Invest, LP (7)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

510,223

 

 

 

 

 

 

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

 

 

 

 

Athletico Holdings, LLC (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

9,357

 

 

 

10,000

 

 

 

9,676

 

Atlas Investment Aggregator, LLC

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

1,700,000

 

 

 

1,613

 

 

 

 

BioDerm, Inc.

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,312

 

 

 

1,312

 

 

 

1,448

 

Burgess Point Holdings, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

680

 

 

 

680

 

 

 

650

 

Carisk Parent, L.P. - Common Equity

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

169,231

 

 

 

169

 

 

 

169

 

Connatix Parent, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

57,416

 

 

 

632

 

 

 

253

 

Consello Pacific Aggregator, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

782,891

 

 

 

783

 

 

 

799

 

Cowboy Parent LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

27,778

 

 

 

3,015

 

 

 

5,410

 

(Blackhawk Industrial Distribution, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crane 1 Acquisition Parent Holdings, L.P.

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

113

 

 

 

104

 

 

 

169

 

Delta InvestCo LP

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

863,299

 

 

 

848

 

 

 

1,350

 

(Sigma Defense Systems, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delta InvestCo LP (7)

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

277,745

 

 

 

 

 

 

 

(Sigma Defense Systems, LLC) (7), (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

eCommission Holding Corporation (11)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

80

 

 

 

1,005

 

 

 

2,144

 

EDS Topco, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

937,500

 

 

 

938

 

 

 

971

 

Exigo, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,458,333

 

 

 

1,458

 

 

 

1,681

 

FedHC InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

14,578

 

 

 

489

 

 

 

1,596

 

FedHC InvestCo LP (7),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

5,150

 

 

 

 

 

 

 

FedHC InvestCo II LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

20,882

 

 

 

2,175

 

 

 

2,392

 

Five Star Parent Holdings, LLC

 

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

 

 

 

655,714

 

 

 

656

 

 

 

675

 

Gauge ETE Blocker, LLC - Common Equity

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

374,444

 

 

 

374

 

 

 

371

 

Gauge Lash Coinvest LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

889,376

 

 

 

136

 

 

 

4,311

 

Gauge Loving Tan, LP - Common Equity

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

462,827

 

 

 

463

 

 

 

394

 

Gauge Schlesinger Coinvest, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

9

 

 

 

10

 

 

 

5

 

(TVC Enterprises, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GCOM InvestCo LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

2,434

 

 

 

1,003

 

 

 

542

 

GMP Hills, LP - Common Equity

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,747,470

 

 

 

3,747

 

 

 

3,747

 

Go Dawgs Capital III, LP

 

 

 

 

Building Materials

 

 

 

 

 

 

 

 

675,325

 

 

 

675

 

 

 

1,621

 

(American Insulated Glass, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hancock Claims Consultants Investors, LLC (9)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

450,000

 

 

 

450

 

 

 

207

 

HPA SPQ Aggregator LP- Common Equity

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

750,399

 

 

 

750

 

 

 

750

 

HV Watterson Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,600,000

 

 

 

1,600

 

 

 

1,635

 

Icon Partners V C, L.P.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,122,549

 

 

 

1,123

 

 

 

1,060

 

Icon Partners V C, L.P. (7)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

377,451

 

 

 

 

 

 

(21

)

IHS Parent Holdngs, L.P.

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,759

 

Imagine Topco, LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

743,826

 

 

 

 

 

 

 

Infogroup Parent Holdings, Inc.

 

 

 

 

Other Media

 

 

 

 

 

 

 

 

181,495

 

 

 

2,040

 

 

 

2,297

 

(Data Axle, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironclad Holdco, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

4,566

 

 

 

450

 

 

 

654

 

(Applied Technical Services, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITC Infusion Co-invest, LP(9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

162,445

 

 

 

1,645

 

 

 

1,927

 

ITC Rumba, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

375,675

 

 

 

8

 

 

 

267

 

(Cano Health, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Racing Holdco, LLC (Warrants)(9)

 

 

 

 

Hotels, Motels, Inns and Gaming

 

 

 

 

 

 

 

 

161,252

 

 

 

 

 

 

1,735

 

Kinetic Purchaser, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,308,814

 

 

 

1,309

 

 

 

1,641

 

KL Stockton Co-Invest LP

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

382,353

 

 

 

385

 

 

 

861

 

(Any Hour Services) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lariat ecoserv Co-Invest Holdings, LLC (9)

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

363,656

 

 

 

 

 

 

25

 

LEP Pequod Holdings, LP

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

350

 

 

 

865

 

 

 

946

 

Lightspeed Investment Holdco LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

273,143

 

 

 

273

 

 

 

721

 

LJ Avalon, LP

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

851,087

 

 

 

851

 

 

 

868

 

Lorient Peregrine Investments, LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

335,590

 

 

 

4,530

 

 

 

4,453

 

Magnolia Topco LP - Class A (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

1,545,460

 

 

 

 

 

 

 

Magnolia Topco LP - Class B (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

1,017,840

 

 

 

 

 

 

 

Mars Intermidiate Holdings II, Inc. (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

 

 

 

116

 

MDI Aggregator, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

30,993

 

 

 

3,103

 

 

 

2,752

 

Meadowlark Title, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

815,385

 

 

 

802

 

 

 

 

Municipal Emergency Services, Inc.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,920,145

 

 

 

3,984

 

 

 

5,096

 

NEPRT Parent Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,299

 

 

 

1,250

 

 

 

66

 

(Recteq, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Medina Health, LLC (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,429,480

 

 

 

1,429

 

 

 

1,429

 

NORA Parent Holdings, LLC (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,257

 

 

 

1,257

 

 

 

1,262

 

North Haven Saints Equity Holdings, LP(9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

351,553

 

 

 

352

 

 

 

369

 

NXOF Holdings, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,261

 

 

 

3

 

 

 

 

(Tyto Athene, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OceanSound Discovery Equity, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

98,286

 

 

 

899

 

 

 

2,595

 

(Holdco Sands Intermediate, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OHCP V BC COI, L.P.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

691,666

 

 

 

692

 

 

 

581

 

OHCP V BC COI, L.P. (7)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

58,334

 

 

 

 

 

 

(9

)

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

638

 

 

 

5

 

 

 

 

OSP Embedded Aggregator, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

870,536

 

 

 

871

 

 

 

871

 

PennantPark-TSO Senior Loan Fund II, LP

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

12,269,640

 

 

 

12,270

 

 

 

12,644

 

Pink Lily Holdco, LLC (9)

 

 

 

 

Retail

 

 

 

 

 

 

 

 

1,044

 

 

 

1,044

 

 

 

20

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

12


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Pragmatic Institute, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,918,047

 

 

$

1,918

 

 

$

29

 

Quad (U.S.) Co-Invest, L.P.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

2,958,706

 

 

 

2,959

 

 

 

3,469

 

QuantiTech InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

712

 

 

 

68

 

 

 

451

 

QuantiTech InvestCo LP (7),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

 

QuantiTech InvestCo II LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

40

 

 

 

24

 

 

 

26

 

RFMG Parent, LP

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,097

 

(Rancho Health MSO, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBI Holdings Investments LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

36,585

 

 

 

366

 

 

 

294

 

(Sales Benchmark Index LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Topco, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,981

 

 

 

2,981

 

 

 

2,117

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

80

 

 

 

80

 

 

 

2,120

 

SP L2 Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

881,966

 

 

 

882

 

 

 

572

 

SSC Dominion Holdings, LLC

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

71

 

 

 

71

 

 

 

2,455

 

Class B (US Dominion, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StellPen Holdings, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

153,846

 

 

 

154

 

 

 

152

 

(CF512, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SV Aero Holdings, LLC (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

25

 

 

 

247

 

 

 

247

 

TAC LifePort Holdings, LLC (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

254,206

 

 

 

250

 

 

 

465

 

Tower Arch Infolinks Media, LP (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

539,282

 

 

 

506

 

 

 

952

 

Tower Arch Infolinks Media, LP (7), (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

356,162

 

 

 

 

 

 

 

TPC Holding Company, LP (8). (11)

 

 

 

 

Food

 

 

 

 

 

 

 

 

11,527

 

 

 

12

 

 

 

194

 

TWD Parent Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

608

 

 

 

1

 

 

 

5

 

(The Vertex Companies, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UniVista Insurance (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

400

 

 

 

357

 

 

 

613

 

Urology Partners Co., L.P.

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,111,111

 

 

 

1,111

 

 

 

933

 

Watchtower Holdings, LLC (9)

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

1,241,935

 

 

 

1,242

 

 

 

1,261

 

WCP Ivyrehab QP CF Feeder, LP (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

3,715,012

 

 

 

3,754

 

 

 

4,071

 

WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

284,988

 

 

 

 

 

 

 

Wildcat Parent, LP

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

2,314

 

 

 

98

 

 

 

753

 

(Wildcat Buyerco, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

106,034

 

 

 

121,620

 

US Government Securities—10.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bill (5)

 

01/23/2024

 

 

Short-Term U.S. Government Securities

 

 

5.23

%

 

 

 

 

 

50,000

 

 

 

49,855

 

 

 

49,846

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,855

 

 

 

49,846

 

Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

877,517

 

 

 

879,245

 

Investments in Non-Controlled, Affiliated Portfolio Companies—8.2% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—2.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walker Edison Furniture Company LLC

 

03/01/2029

 

 

Home and Office Furnishings

 

 

12.21

%

 

3M SOFR+685

 

 

 

8,055

 

 

 

8,055

 

 

 

7,894

 

Walker Edison Furniture Company, LLC - Unfunded Term Loan

 

03/01/2029

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

2,083

 

 

 

 

 

 

(42

)

Walker Edison Furniture Company LLC - Junior Revolver

 

03/01/2029

 

 

Home and Office Furnishings

 

 

11.71

%

 

3M SOFR+635

 

 

 

3,333

 

 

 

3,333

 

 

 

3,333

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,388

 

 

 

11,185

 

Preferred Equity/Partnership Interests—5.9% of Net Assets(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

5,887,236

 

 

 

32,791

 

 

 

28,519

 

Cascade Environmental Holdings, LLC - Series B

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

918

 

 

 

918

 

 

 

1,125

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,709

 

 

 

29,644

 

Common Equity/Partnership Interests/Warrants—0% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

7,444,347

 

 

 

2,853

 

 

 

 

Walker Edison Furniture

 

 

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

72,917

 

 

 

6,786

 

 

 

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,639

 

 

 

 

Total Investments in Non-Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,736

 

 

 

40,829

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

13


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Controlled, Affiliated Portfolio Companies—58.2% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—20.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

03/15/2027

 

 

Healthcare, Education and Childcare

 

 

12.31

%

 

3M SOFR+700

 

 

£

40,867

 

 

$

56,020

 

 

$

52,097

 

MidOcean JF Holdings Corp.

 

07/31/2026

 

 

Distribution

 

 

11.43

%

 

3M SOFR+605

 

 

 

50,000

 

 

 

49,281

 

 

 

49,250

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105,301

 

 

 

101,347

 

Second Lien Secured Debt—0.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailsouth Inc. (6)

 

04/23/2025

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

15,453

 

 

 

12,384

 

 

 

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,384

 

 

 

 

Subordinated Debt—20.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Loan Fund, LLC

 

07/31/2027

 

 

Financial Services

 

 

13.38

%

 

3M SOFR+800

 

 

 

102,325

 

 

 

102,325

 

 

 

102,325

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102,325

 

 

 

102,325

 

Common Equity—17.4% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

£

950

 

 

 

130

 

 

 

2,974

 

JF Intermediate, LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

43,918

 

 

 

4,488

 

 

 

21,234

 

MSpark, LLC

 

 

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

51,151

 

 

 

16,516

 

 

 

 

PennantPark Senior Loan Fund, LLC (11)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

58,580,060

 

 

 

58,643

 

 

 

62,804

 

Total Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79,777

 

 

 

87,012

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

299,787

 

 

 

290,684

 

Total Investments—242.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,232,040

 

 

 

1,210,758

 

Cash and Cash Equivalents—7.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,998

 

 

 

25,998

 

Non-Money Market Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,852

 

 

 

10,895

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,850

 

 

 

36,893

 

Total Investments and Cash Equivalents—250% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,268,890

 

 

$

1,247,651

 

Liabilities in Excess of Other Assets—(150.0%) of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(748,509

)

Net Assets—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

499,142

 

(1)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(2)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(3)
Valued based on our accounting policy (See Note 2).
(4)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or
Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting
period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans
with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(5)
The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5).
(6)
Non-income producing securities.
(7)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(8)
Non-U.S. company or principal place of business outside the United States.
(9)
Investment is held through our Taxable Subsidiary (See Note 1).
(10)
Par / Shares amount is denominated in British Pounds (£) and in Canadian (CAD) as denoted.
(11)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2023, qualifying assets represent 79% of the Company’s total assets and non-qualifying assets represent 21% of the Company’s total assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

14


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—93.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

11.99

%

 

3M SOFR+660

 

 

 

5,144

 

 

$

5,073

 

 

$

5,119

 

A1 Garage Merger Sub, LLC - Unfunded Term Loan

 

12/21/2024

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,788

 

 

 

 

 

 

18

 

A1 Garage Merger Sub, LLC (Revolver) (7)

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

2,532

 

 

 

 

 

 

(13

)

Ad.net Acquisition, LLC (Revolver)

 

05/07/2026

 

Media

 

 

11.65

%

 

3M SOFR+626

 

 

 

222

 

 

 

222

 

 

 

221

 

Ad.net Acquisition, LLC (Revolver) (7)

 

05/07/2026

 

Media

 

 

 

 

 

 

 

 

222

 

 

 

 

 

 

(1

)

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/2024

 

Media

 

 

12.04

%

 

3M SOFR+665

 

 

 

1,237

 

 

 

1,223

 

 

 

1,221

 

Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)

 

05/23/2024

 

Media

 

 

 

 

 

 

 

 

1,612

 

 

 

 

 

 

(28

)

Any Hour Services

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

11.22

%

 

3M SOFR+585

 

 

 

3,023

 

 

 

3,014

 

 

 

2,962

 

Any Hour Services (Revolver) (7)

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,147

 

 

 

 

 

 

(23

)

Apex Service Partners, LLC

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

10.77

%

 

3M SOFR+525

 

 

 

1,330

 

 

 

1,330

 

 

 

1,327

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

10.79

%

 

3M SOFR+525

 

 

 

1,863

 

 

 

1,850

 

 

 

1,859

 

Apex Service Partners, LLC (Revolver)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

10.79

%

 

3M SOFR+525

 

 

 

582

 

 

 

583

 

 

 

581

 

Apex Service Partners, LLC (Revolver) (7)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

350

 

 

 

 

 

 

(1

)

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

11.54

%

 

3M SOFR+615

 

 

 

824

 

 

 

818

 

 

 

808

 

Applied Technical Services, LLC (Revolver)

 

12/29/2026

 

Environmental Services

 

 

13.25

%

 

3M SOFR+475

 

 

 

400

 

 

 

400

 

 

 

392

 

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Environmental Services

 

 

 

 

 

 

 

 

600

 

 

 

 

 

 

(12

)

Arcfield Acquisition Corp. (Revolver)

 

08/03/2029

 

Aerospace and Defense

 

 

11.62

%

 

1M SOFR+615

 

 

 

8,090

 

 

 

7,970

 

 

 

8,009

 

Arcfield Acquisition Corp. (Revolver) (7)

 

08/04/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,521

 

 

 

 

 

 

(35

)

Berwick Industrial Park

 

11/02/2023

 

Buildings and Real Estate

 

 

11.50

%

 

 

 

 

 

4,000

 

 

 

4,030

 

 

 

3,924

 

Beta Plus Technologies, Inc.

 

07/01/2029

 

Business Services

 

 

11.14

%

 

3M SOFR+575

 

 

 

4,950

 

 

 

4,869

 

 

 

4,604

 

BioDerm, Inc. (Revolver)

 

01/31/2028

 

Healthcare, Education and Childcare

 

 

11.81

%

 

1M SOFR+650

 

 

 

107

 

 

 

107

 

 

 

107

 

BioDerm, Inc. (Revolver) (7)

 

01/31/2028

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

964

 

 

 

 

 

 

(5

)

Blackhawk Industrial Distribution, Inc.

 

09/17/2026

 

Distribution

 

 

11.79

%

 

3M SOFR+640

 

 

 

1,851

 

 

 

1,833

 

 

 

1,823

 

Blackhawk Industrial Distribution, Inc.(7)

 

09/17/2026

 

Distribution

 

 

 

 

 

 

 

 

3,354

 

 

 

 

 

 

(34

)

Blackhawk Industrial Distribution, Inc.

 

09/17/2026

 

Distribution

 

 

11.79

%

 

3M SOFR+640

 

 

 

343

 

 

 

343

 

 

 

338

 

Blackhawk Industrial Distribution, Inc. (Revolver) (7)

 

09/17/2026

 

Distribution

 

 

 

 

 

 

 

 

3,089

 

 

 

 

 

 

(46

)

Broder Bros., Co.

 

12/04/2025

 

Consumer Products

 

 

11.65

%

 

3M SOFR+626

 

 

 

9,838

 

 

 

9,838

 

 

 

9,838

 

Cartessa Aesthetics, LLC

 

06/14/2028

 

Distribution

 

 

11.39

%

 

3M SOFR+600

 

 

 

34,056

 

 

 

33,496

 

 

 

34,056

 

Cartessa Aesthetics, LLC - (Revolver)

 

06/14/2028

 

Distribution

 

 

11.39

%

 

3M SOFR+600

 

 

 

1,265

 

 

 

1,265

 

 

 

1,265

 

Cartessa Aesthetics, LLC - (Revolver) (7)

 

06/14/2028

 

Distribution

 

 

 

 

 

 

 

 

2,297

 

 

 

 

 

 

 

CF512, Inc.

 

08/20/2026

 

Media

 

 

11.59

%

 

3M SOFR+600

 

 

 

6,592

 

 

 

6,524

 

 

 

6,460

 

CF512, Inc.(Revolver) (7)

 

08/20/2026

 

Media

 

 

 

 

 

 

 

 

909

 

 

 

 

 

 

(18

)

Compex Legal Services, Inc.

 

02/09/2026

 

Business Services

 

 

10.94

%

 

3M SOFR+555

 

 

 

949

 

 

 

939

 

 

 

949

 

Compex Legal Services, Inc. (Revolver)

 

02/07/2025

 

Business Services

 

 

10.94

%

 

3M SOFR+555

 

 

 

66

 

 

 

66

 

 

 

66

 

Compex Legal Services, Inc. (Revolver) (7)

 

02/07/2025

 

Business Services

 

 

 

 

 

 

 

 

590

 

 

 

 

 

 

 

Connatix Buyer, Inc. (Revolver) (7)

 

07/13/2027

 

Media

 

 

 

 

 

 

 

 

1,875

 

 

 

 

 

 

(66

)

Confluent Health, LLC

 

11/30/2028

 

Healthcare, Education and Childcare

 

 

12.82

%

 

3M SOFR+750

 

 

 

1,990

 

 

 

1,855

 

 

 

2,000

 

Crane 1 Services, Inc. (Revolver)

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

10.90

%

 

3M SOFR+551

 

 

 

117

 

 

 

117

 

 

 

116

 

Crane 1 Services, Inc. (Revolver) (7)

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

175

 

 

 

 

 

 

(1

)

Dr. Squatch, LLC

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

11.23

%

 

3M SOFR+585

 

 

 

8,276

 

 

 

8,190

 

 

 

8,276

 

Dr. Squatch, LLC (7)

 

08/27/2026

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

2,000

 

 

 

 

 

 

20

 

Dr. Squatch, LLC (Revolver) (7)

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

2,326

 

 

 

 

 

 

 

DRS Holdings III, Inc.

 

11/03/2025

 

Consumer Products

 

 

11.79

%

 

3M SOFR+640

 

 

 

7

 

 

 

7

 

 

 

7

 

DRS Holdings III, Inc. (Revolver) (7)

 

11/03/2025

 

Consumer Products

 

 

 

 

 

 

 

 

1,783

 

 

 

 

 

 

(21

)

EDS Buyer, LLC

 

12/22/2028

 

Aerospace and Defense

 

 

11.64

%

 

3M SOFR+625

 

 

 

6,219

 

 

 

6,133

 

 

 

6,125

 

EDS Buyer, LLC - Unfunded Term Loan

 

12/22/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

5,625

 

 

 

 

 

 

(14

)

EDS Buyer, LLC - (Revolver) (7)

 

12/22/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,688

 

 

 

 

 

 

(25

)

ETE Intermediate II, LLC (Revolver) (7)

 

05/25/2029

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,656

 

 

 

 

 

 

(28

)

Exigo Intermediate II, LLC

 

03/15/2027

 

Business Services

 

 

11.17

%

 

3M SOFR+585

 

 

 

24,375

 

 

 

24,097

 

 

 

23,888

 

Exigo Intermediate II, LLC (Revolver) (7)

 

03/15/2027

 

Business Services

 

 

 

 

 

 

 

 

1,856

 

 

 

 

 

 

(37

)

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

15


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2023

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Five Star Buyer, Inc.

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

12.42

%

 

3M SOFR+710

 

 

 

196

 

 

$

196

 

 

$

193

 

Five Star Buyer, Inc. - Unfunded Term Loan

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

 

 

 

837

 

 

 

 

 

 

(13

)

Five Star Buyer, Inc. (Revolver) (7)

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

 

 

 

741

 

 

 

 

 

 

(11

)

Gauge ETE Blocker, LLC - Promissory Note

 

05/19/2029

 

Personal, Food and Miscellaneous Services

 

 

12.56

%

 

 

 

 

 

215

 

 

 

215

 

 

 

215

 

Graffiti Buyer, Inc.

 

08/10/2027

 

Distribution

 

 

10.98

%

 

3M SOFR+560

 

 

 

613

 

 

 

608

 

 

 

607

 

Graffiti Buyer, Inc. (7)

 

12/08/2023

 

Distribution

 

 

 

 

 

 

 

 

276

 

 

 

 

 

 

 

Graffiti Buyer, Inc. (Revolver)

 

08/10/2027

 

Distribution

 

 

11.77

%

 

3M SOFR+560

 

 

 

239

 

 

 

239

 

 

 

237

 

Graffiti Buyer, Inc. (Revolver) (7)

 

08/10/2027

 

Distribution

 

 

 

 

 

 

 

 

529

 

 

 

 

 

 

(5

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

10.92

%

 

1M SOFR+560

 

 

 

335

 

 

 

335

 

 

 

327

 

Hancock Roofing and Construction L.L.C. (Revolver) (7)

 

12/31/2026

 

Insurance

 

 

 

 

 

 

 

 

415

 

 

 

 

 

 

(10

)

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

11.32

%

 

6M SOFR+585

 

 

 

1,898

 

 

 

1,868

 

 

 

1,898

 

Holdco Sands Intermediate, LLC (Revolver) (7)

 

11/23/2027

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,941

 

 

 

 

 

 

 

HV Watterson Holdings, LLC

 

12/17/2026

 

Business Services

 

 

11.79

%

 

1M SOFR+625

 

 

 

279

 

 

 

278

 

 

 

279

 

HV Watterson Holdings, LLC (7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

2,219

 

 

 

 

 

 

12

 

HV Watterson Holdings, LLC - (Revolver)

 

12/17/2026

 

Business Services

 

 

11.79

%

 

3M SOFR+625

 

 

 

1,200

 

 

 

1,200

 

 

 

1,198

 

HV Watterson Holdings, LLC - (Revolver)(7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

50

 

 

 

 

 

 

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

11.28

%

 

3M SOFR+640

 

 

 

11,237

 

 

 

11,167

 

 

 

11,069

 

HW Holdco, LLC (Revolver)

 

12/10/2024

 

Media

 

 

11.82

%

 

3M SOFR+640

 

 

 

271

 

 

 

271

 

 

 

267

 

HW Holdco, LLC (Revolver) (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,116

 

 

 

 

 

 

(47

)

IG Investments Holdings, LLC (Revolver) (7)

 

09/22/2027

 

Business Services

 

 

 

 

 

 

 

 

477

 

 

 

 

 

 

(7

)

Imagine Acquisitionco, LLC (7)

 

11/15/2027

 

Business Services

 

 

 

 

 

 

 

 

2,341

 

 

 

 

 

 

(12

)

Imagine Acquisitionco, LLC (Revolver) (7)

 

11/15/2027

 

Business Services

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

(25

)

Inception Fertility Ventures, LLC

 

12/07/2023

 

Healthcare, Education and Childcare

 

 

12.49

%

 

3M SOFR+715

 

 

 

20,300

 

 

 

20,100

 

 

 

20,300

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

12.24

%

 

3M SOFR+685

 

 

 

2,089

 

 

 

2,089

 

 

 

2,089

 

Infinity Home Services Holdco, Inc. - Unfunded Term Loan

 

12/28/2023

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,135

 

 

 

 

 

 

 

Infinity Home Services Holdco, Inc.(Revolver) (7)

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,292

 

 

 

 

 

 

 

Infolinks Media Buyco, LLC

 

11/01/2026

 

Media

 

 

11.17

%

 

1M SOFR+585

 

 

 

1,420

 

 

 

1,416

 

 

 

1,420

 

Infolinks Media Buyco, LLC (7)

 

11/01/2023

 

Media

 

 

 

 

 

 

 

 

949

 

 

 

 

 

 

10

 

Integrated Data Services - Term Loan

 

08/01/2029

 

Business Services

 

 

11.87

%

 

3M SOFR+650

 

 

 

15,467

 

 

 

15,161

 

 

 

15,106

 

Integrated Data Services - (Revolver)

 

08/01/2029

 

Business Services

 

 

 

 

 

 

 

 

2,533

 

 

 

 

 

 

(59

)

Integrity Marketing Acquisition, LLC

 

08/27/2026

 

Insurance

 

 

11.41

%

 

3M SOFR+615

 

 

 

9,880

 

 

 

9,839

 

 

 

9,781

 

Integrity Marketing Acquisition, LLC - Unfunded Term Loan

 

08/31/2025

 

Insurance

 

 

 

 

 

 

 

 

2,500

 

 

 

 

 

 

(13

)

Integrity Marketing Acquisition, LLC (Revolver) (7)

 

08/31/2025

 

Insurance

 

 

 

 

 

 

 

 

160

 

 

 

 

 

 

 

Inventus Power, Inc.

 

06/30/2025

 

Electronics

 

 

12.93

%

 

1M SOFR+761

 

 

 

13,234

 

 

 

12,998

 

 

 

12,969

 

Inventus Power, Inc. (Revolver) (7)

 

06/30/2025

 

Electronics

 

 

 

 

 

 

 

 

1,729

 

 

 

 

 

 

(35

)

ITI Holdings, Inc.

 

03/03/2028

 

Business Services

 

 

11.06

%

 

3M SOFR+615

 

 

 

8,838

 

 

 

8,718

 

 

 

8,661

 

ITI Holdings, Inc. (Revolver)

 

03/03/2028

 

Business Services

 

 

10.70

%

 

1M SOFR+560

 

 

 

1,121

 

 

 

1,121

 

 

 

1,098

 

ITI Holdings, Inc. (Revolver) (7)

 

03/03/2028

 

Business Services

 

 

 

 

 

 

 

 

370

 

 

 

 

 

 

(7

)

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

13.42

%

 

1M SOFR+810

 

 

 

9,409

 

 

 

9,402

 

 

 

9,409

 

K2 Pure Solutions NoCal, L.P. (Revolver) (7)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,938

 

 

 

 

 

 

 

Kinetic Purchaser, LLC

 

11/10/2027

 

Consumer Products

 

 

11.54

%

 

3M SOFR+615

 

 

 

9,173

 

 

 

8,957

 

 

 

9,035

 

Kinetic Purchaser, LLC (Revolver) (7)

 

11/10/2026

 

Consumer Products

 

 

 

 

 

 

 

 

4,854

 

 

 

 

 

 

(73

)

Lash OpCo, LLC

 

02/18/2027

 

Consumer Products

 

 

11.88

%

 

1M SOFR+700

 

 

 

2,807

 

 

 

2,764

 

 

 

2,779

 

Lash OpCo, LLC (Revolver)

 

08/16/2026

 

Consumer Products

 

 

12.15

%

 

1M SOFR+700

 

 

 

1,977

 

 

 

1,977

 

 

 

1,957

 

Lash OpCo, LLC (Revolver) (7)

 

08/16/2026

 

Consumer Products

 

 

 

 

 

 

 

 

935

 

 

 

 

 

 

(9

)

LAV Gear Holdings, Inc.

 

10/31/2024

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

11.79

%

 

1M SOFR+640

 

 

 

51

 

 

 

51

 

 

 

51

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc.

 

11/09/2026

 

Consumer Products

 

 

11.79

%

 

3M SOFR+625

 

 

 

9,085

 

 

 

8,964

 

 

 

8,971

 

Ledge Lounger, Inc. (Revolver) (7)

 

11/09/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,933

 

 

 

 

 

 

(24

)

Lightspeed Buyer Inc.

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

10.67

%

 

1M SOFR+535

 

 

 

2,198

 

 

 

2,187

 

 

 

2,176

 

Lightspeed Buyer Inc. (Revolver) (7)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,166

 

 

 

 

 

 

(12

)

LJ Avalon Holdings, LLC

 

07/31/2024

 

Environmental Services

 

 

11.79

%

 

3M SOFR+640

 

 

 

208

 

 

 

205

 

 

 

204

 

LJ Avalon Holdings, LLC - Unfunded Term Loan

 

07/31/2024

 

Environmental Services

 

 

 

 

 

 

 

 

1,260

 

 

 

 

 

 

(6

)

LJ Avalon Holdings, LLC (Revolver)(7)

 

01/31/2030

 

Environmental Services

 

 

 

 

 

 

 

 

587

 

 

 

 

 

 

(12

)

LSF9 Atlantis Holdings, LLC

 

03/31/2029

 

Retail

 

 

12.64

%

 

3M SOFR+725

 

 

 

5,625

 

 

 

5,436

 

 

 

5,381

 

Loving Tan Intermediate II, Inc.

 

05/31/2028

 

Consumer Products

 

 

12.39

%

 

3M SOFR+700

 

 

 

4,988

 

 

 

4,892

 

 

 

4,913

 

Loving Tan Intermediate II, Inc. (Revolver)

 

05/31/2028

 

Consumer Products

 

 

12.39

%

 

3M SOFR+700

 

 

 

347

 

 

 

347

 

 

 

342

 

Loving Tan Intermediate II, Inc. (Revolver)(7)

 

05/31/2028

 

Consumer Products

 

 

 

 

 

 

 

 

284

 

 

 

 

 

 

(4

)

Mars Acquisition Holdings Corp.

 

05/14/2026

 

Media

 

 

11.04

%

 

3M SOFR+565

 

 

 

1,835

 

 

 

1,807

 

 

 

1,817

 

Mars Acquisition Holdings Corp. (Revolver)(7)

 

05/14/2026

 

Media

 

 

 

 

 

 

 

 

1,209

 

 

 

 

 

 

(12

)

MBS Holdings, Inc. (Revolver)

 

04/16/2027

 

Telecommunications

 

 

11.17

%

 

1M SOFR+585

 

 

 

111

 

 

 

111

 

 

 

109

 

MBS Holdings, Inc. (Revolver) (7)

 

04/16/2027

 

Telecommunications

 

 

 

 

 

 

 

 

583

 

 

 

 

 

 

(9

)

MDI Buyer, Inc.

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

11.27

%

 

3M SOFR+600

 

 

 

20,135

 

 

 

19,835

 

 

 

19,685

 

MDI Buyer, Inc. (Revolver)

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

10.92

%

 

3M SOFR+600

 

 

 

1,039

 

 

 

1,039

 

 

 

1,016

 

MDI Buyer, Inc. (Revolver) (7)

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,188

 

 

 

 

 

 

(15

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

Business Services

 

 

10.66

%

 

3M SOFR+550

 

 

 

1,937

 

 

 

1,919

 

 

 

1,888

 

Meadowlark Acquirer, LLC Term Loan I

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

1,038

 

 

 

 

 

 

(16

)

Meadowlark Acquirer, LLC Term Loan II

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

8,922

 

 

 

 

 

 

(134

)

Meadowlark Acquirer, LLC (Revolver) (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

(43

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

16


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Municipal Emergency Services, Inc.

 

09/28/2027

 

Distribution

 

 

11.05

%

 

3M SOFR+565

 

 

 

484

 

 

$

484

 

 

$

474

 

Municipal Emergency Services, Inc. - Unfunded Term Loan A

 

06/16/2023

 

Distribution

 

 

 

 

 

 

 

 

769

 

 

 

 

 

 

(17

)

Municipal Emergency Services, Inc. - Unfunded Term Loan B

 

12/16/2024

 

Distribution

 

 

 

 

 

 

 

 

2,510

 

 

 

 

 

 

(55

)

Municipal Emergency Services, Inc. (Revolver)

 

09/28/2027

 

Distribution

 

 

11.04

%

 

3M SOFR+565

 

 

 

752

 

 

 

752

 

 

 

736

 

Municipal Emergency Services, Inc. (Revolver) (7)

 

09/28/2027

 

Distribution

 

 

 

 

 

 

 

 

1,128

 

 

 

 

 

 

(25

)

NBH Group LLC (Revolver) (7)

 

08/19/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,163

 

 

 

 

 

 

(23

)

Neptune Flood Incorporated (Revolver) (7)

 

05/09/2029

 

Insurance

 

 

 

 

 

 

 

 

541

 

 

 

 

 

 

 

NORA Acquisition, LLC

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

11.74

%

 

3M SOFR+635

 

 

 

20,500

 

 

 

20,092

 

 

 

20,090

 

NORA Acquisition, LLC (Revolver) (7)

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

2,707

 

 

 

 

 

 

(54

)

ORL Acquisition, Inc.

 

09/03/2027

 

Business Services

 

 

12.84

%

 

3M SOFR+725

 

 

 

4,409

 

 

 

4,347

 

 

 

4,012

 

ORL Acquisition, Inc. (Revolver) (7)

 

09/03/2027

 

Business Services

 

 

 

 

 

 

 

 

597

 

 

 

 

 

 

(54

)

Ox Two, LLC

 

05/18/2026

 

Building Materials

 

 

12.90

%

 

1M SOFR+725

 

 

 

13,578

 

 

 

13,445

 

 

 

13,340

 

Ox Two, LLC (Revolver) (7)

 

05/18/2026

 

Building Materials

 

 

 

 

 

 

 

 

2,419

 

 

 

 

 

 

(42

)

Pequod Merger Sub, Inc. - Unfunded Term Loan

 

12/02/2026

 

Financial Services

 

 

 

 

 

 

 

 

2,847

 

 

 

 

 

 

(57

)

Pequod Merger Sub, Inc. (Revolver) (7)

 

12/02/2026

 

Financial Services

 

 

 

 

 

 

 

 

757

 

 

 

 

 

 

(15

)

PL Acquisitionco, LLC (Revolver) (7)

 

11/09/2027

 

Retail

 

 

 

 

 

 

 

 

3,236

 

 

 

 

 

 

(324

)

Pragmatic Institute, LLC

 

07/06/2028

 

Business Services

 

 

11.17

%

 

3M SOFR+575

 

 

 

34,987

 

 

 

34,547

 

 

 

33,412

 

Pragmatic Institute, LLC Unfunded Term Loan

 

07/06/2028

 

Business Services

 

 

 

 

 

 

 

 

7,193

 

 

 

 

 

 

(252

)

Pragmatic Institute, LL (Revolver)

 

07/06/2028

 

Business Services

 

 

11.17

%

 

3M SOFR+575

 

 

 

4,795

 

 

 

4,795

 

 

 

4,579

 

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

11.74

%

 

3M SOFR+635

 

 

 

1,484

 

 

 

1,474

 

 

 

1,461

 

Quantic Electronics, LLC (Revolver)

 

11/19/2026

 

Aerospace and Defense

 

 

11.74

%

 

3M SOFR+635

 

 

 

528

 

 

 

528

 

 

 

521

 

Questex, LLC

 

09/09/2024

 

Media

 

 

9.81

%

 

3M SOFR+425

 

 

 

20,193

 

 

 

20,115

 

 

 

20,193

 

Questex, LLC (Revolver) (7)

 

09/09/2024

 

Media

 

 

 

 

 

 

 

 

3,590

 

 

 

 

 

 

 

Radius Aerospace, Inc. (Revolver)

 

03/31/2025

 

Aerospace and Defense

 

 

11.29

%

 

3M SOFR+575

 

 

 

668

 

 

 

668

 

 

 

661

 

Radius Aerospace, Inc. (Revolver) (7)

 

03/31/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,559

 

 

 

 

 

 

(16

)

Rancho Health MSO, Inc. (7)

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

11.22

%

 

3M SOFR+575

 

 

 

79

 

 

 

79

 

 

 

79

 

Rancho Health MSO, Inc. - Unfunded Term Loan

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

494

 

 

 

 

 

 

 

Rancho Health MSO, Inc. (Revolver)

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

11.24

%

 

3M SOFR+575

 

 

 

210

 

 

 

210

 

 

 

210

 

Rancho Health MSO, Inc. (Revolver) (7)

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

315

 

 

 

 

 

 

 

Reception Purchaser, LLC

 

02/28/2028

 

Transportation

 

 

11.54

%

 

3M SOFR+615

 

 

 

5,863

 

 

 

5,791

 

 

 

5,628

 

Recteq, LLC (Revolver) (7)

 

01/29/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,127

 

 

 

 

 

 

(34

)

Research Now Group, Inc. and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

11.13

%

 

3M SOFR+576

 

 

 

124

 

 

 

124

 

 

 

108

 

Riverpoint Medical, LLC (Revolver)

 

06/20/2025

 

Healthcare, Education and Childcare

 

 

10.42

%

 

3M SOFR+510

 

 

 

45

 

 

 

45

 

 

 

45

 

Riverpoint Medical, LLC (Revolver) (7)

 

06/20/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

318

 

 

 

 

 

 

(4

)

Riverside Assessments, LLC

 

03/10/2025

 

Education

 

 

11.24

%

 

3M SOFR+575

 

 

 

11,699

 

 

 

11,588

 

 

 

11,582

 

Rural Sourcing Holdings, Inc. - Unfunded Term Loan

 

06/15/2029

 

Business Services

 

 

 

 

 

 

 

 

1,146

 

 

 

 

 

 

 

Rural Sourcing Holdings, Inc. (Revolver) (7)

 

06/15/2029

 

Business Services

 

 

 

 

 

 

 

 

861

 

 

 

 

 

 

(13

)

Sales Benchmark Index LLC (Revolver) (7)

 

01/03/2025

 

Business Services

 

 

 

 

 

 

 

 

732

 

 

 

 

 

 

(4

)

Sargent & Greenleaf Inc. (Revolver)

 

12/20/2024

 

Electronics

 

 

12.92

%

 

1M SOFR+650

 

 

 

158

 

 

 

158

 

 

 

157

 

Sargent & Greenleaf Inc. (Revolver) (7)

 

12/20/2024

 

Electronics

 

 

 

 

 

 

 

 

453

 

 

 

 

 

 

(5

)

Schlesinger Global, Inc.

 

07/14/2025

 

Business Services

 

 

13.15

%

 

3M SOFR+775

 

 

 

4,647

 

 

 

4,611

 

 

 

4,496

 

Schlesinger Global, Inc. (Revolver)

 

07/14/2025

 

Business Services

 

 

12.52

%

 

3M SOFR+775

 

 

 

30

 

 

 

30

 

 

 

29

 

 

 

 

 

 

 

(PIK 0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. (Revolver)(7)

 

07/14/2025

 

Business Services

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

3M SOFR+605

 

 

 

4,752

 

 

 

4,691

 

 

 

4,609

 

Seaway Buyer, LLC (Revolver)

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

3M SOFR+605

 

 

 

729

 

 

 

729

 

 

 

708

 

Seaway Buyer, LLC (Revolver)(7)

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,397

 

 

 

 

 

 

(72

)

Shiftkey, LLC

 

06/21/2027

 

Business Services

 

 

11.40

%

 

3M SOFR+601

 

 

 

17,775

 

 

 

17,636

 

 

 

17,331

 

Sigma Defense Systems, LLC

 

12/18/2025

 

Telecommunications

 

 

14.04

%

 

3M SOFR+865

 

 

 

29,681

 

 

 

29,190

 

 

 

29,236

 

Sigma Defense Systems, LLC (Revolver)

 

12/18/2025

 

Telecommunications

 

 

14.04

%

 

3M SOFR+865

 

 

 

2,083

 

 

 

2,083

 

 

 

2,052

 

Sigma Defense Systems, LLC (Revolver) (7)

 

12/18/2025

 

Telecommunications

 

 

 

 

 

 

 

 

893

 

 

 

 

 

 

(13

)

Signature Systems Holding Company (Revolver) (7)

 

05/03/2024

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,016

 

 

 

 

 

 

 

Solutionreach, Inc. (Revolver) (7)

 

07/17/2025

 

Communications

 

 

 

 

 

 

 

 

1,665

 

 

 

 

 

 

(7

)

Spendmend Holdings LLC

 

03/01/2028

 

Business Services

 

 

11.04

%

 

1M SOFR+565

 

 

 

99

 

 

 

99

 

 

 

97

 

Spendmend Holdings LLC (7)

 

03/01/2028

 

Business Services

 

 

 

 

 

 

 

 

2,684

 

 

 

 

 

 

(39

)

Spendmend Holdings LLC - Funded Revolver

 

03/01/2028

 

Business Services

 

 

11.20

%

 

1M SOFR+565

 

 

 

561

 

 

 

561

 

 

 

548

 

Spendmend Holdings LLC - (Revolver) (7)

 

03/01/2028

 

Business Services

 

 

 

 

 

 

 

 

841

 

 

 

 

 

 

(18

)

System Planning and Analysis, Inc. - (Revolver) (7) 
(f/k/a Management Consulting & Research, LLC)

 

08/16/2027

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,925

 

 

 

 

 

 

(32

)

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

11.66

%

 

3M SOFR+665

 

 

 

1,121

 

 

 

1,097

 

 

 

1,104

 

The Bluebird Group LLC

 

07/27/2026

 

Business Services

 

 

12.79

%

 

3M SOFR+740

 

 

 

2,271

 

 

 

2,239

 

 

 

2,262

 

The Bluebird Group LLC (Revolver) (7)

 

07/27/2026

 

Business Services

 

 

 

 

 

 

 

 

734

 

 

 

 

 

 

(3

)

The Vertex Companies, LLC

 

08/30/2027

 

Business Services

 

 

11.93

%

 

1M SOFR+635

 

 

 

186

 

 

 

182

 

 

 

185

 

The Vertex Companies, LLC (Revolver)

 

08/30/2027

 

Business Services

 

 

11.67

%

 

1M SOFR+635

 

 

 

248

 

 

 

248

 

 

 

246

 

The Vertex Companies, LLC (Revolver) (7)

 

08/30/2027

 

Business Services

 

 

 

 

 

 

 

 

492

 

 

 

 

 

 

(4

)

TWS Acquisition Corporation (Revolver) (7)

 

06/16/2025

 

Education

 

 

 

 

 

 

 

 

1,644

 

 

 

 

 

 

 

Tyto Athene, LLC (Revolver) (7)

 

04/01/2026

 

Aerospace and Defense

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

(32

)

Urology Management Holdings, Inc. - Unfunded Term Loan

 

02/01/2024

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

7,222

 

 

 

 

 

 

(150

)

Wildcat Buyerco, Inc.

 

02/27/2026

 

Electronics

 

 

10.57

%

 

3M SOFR+515

 

 

 

3,805

 

 

 

3,762

 

 

 

3,767

 

Wildcat Buyerco, Inc. (Revolver)

 

02/27/2026

 

Electronics

 

 

10.17

%

 

3M SOFR+585

 

 

 

88

 

 

 

88

 

 

 

87

 

Wildcat Buyerco, Inc. (Revolver) (7)

 

02/27/2026

 

Electronics

 

 

 

 

 

 

 

 

486

 

 

 

 

 

 

(5

)

Zips Car Wash, LLC

 

03/01/2024

 

Auto Sector

 

 

12.67

%

 

1M SOFR+735

 

 

 

2,589

 

 

 

2,583

 

 

 

2,504

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

472,975

 

 

 

468,007

 

U.S. Government Securities—19.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bill (5)

 

10/19/2023

 

Short-Term U.S. Government Securities

 

 

5.31

%

 

 

 

 

 

100,000

 

 

 

99,768

 

 

 

99,751

 

Total U.S. Government Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99,768

 

 

 

99,751

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

17


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2023

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Second Lien Secured Debt—16.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ascensus Holdings, Inc.

 

08/02/2028

 

 

Financial Services

 

 

12.03

%

 

3M SOFR+676

 

 

 

3,000

 

 

$

2,717

 

 

$

2,837

 

Atlas Purchaser, Inc

 

05/07/2029

 

 

Telecommunications

 

 

14.66

%

 

3M SOFR+900

 

 

 

17,000

 

 

 

16,600

 

 

 

13,821

 

Best Practice Associates LLC

 

06/29/2027

 

 

Aerospace and Defense

 

 

14.54

%

 

3M SOFR+915

 

 

 

17,825

 

 

 

17,559

 

 

 

17,469

 

Burgess Point Purchaser Corporation

 

07/28/2030

 

 

Auto Sector

 

 

14.42

%

 

1M SOFR+910

 

 

 

8,000

 

 

 

7,680

 

 

 

7,920

 

ENC Parent Corporation

 

08/19/2029

 

 

Business Services

 

 

13.15

%

 

3M SOFR+776

 

 

 

7,500

 

 

 

7,440

 

 

 

6,675

 

Halo Buyer, Inc.

 

07/06/2026

 

 

Consumer Products

 

 

13.67

%

 

1M SOFR+835

 

 

 

32,500

 

 

 

32,232

 

 

 

31,525

 

QuantiTech LLC

 

02/04/2027

 

 

Aerospace and Defense

 

 

11.74

%

 

3M SOFR+635

 

 

 

150

 

 

 

148

 

 

 

149

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84,376

 

 

 

80,396

 

Subordinated Debt/Corporate Notes—10.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Express Wash Acquisition Company, LLC

 

01/15/2029

 

 

Auto Sector

 

 

15.15

%

 

3M SOFR+976

 

 

 

22,219

 

 

 

21,568

 

 

 

21,597

 

Flock Financial, LLC

 

05/26/2027

 

 

Financial Services

 

 

14.50

%

 

 

 

 

 

34,000

 

 

 

33,329

 

 

 

32,300

 

Total Subordinated Debt/Corporate Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,897

 

 

 

53,897

 

Preferred Equity/Partnership Interests—2.6% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc.

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,400

 

 

 

240

 

 

 

271

 

AH Newco Equityholdings, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

6.00

%

 

 

 

 

 

211

 

 

 

500

 

 

 

1,066

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

1,135

 

 

 

918

 

Cartessa Aesthetics, LLC (9)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,562,500

 

 

 

3,563

 

 

 

4,975

 

Gauge Lash Coinvest, LLC - Preferred Equity

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

64,967

 

 

 

351

 

 

 

789

 

Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

Imagine Topco, LP

 

 

 

 

Business Services

 

 

8.00

%

 

 

 

 

 

743,826

 

 

 

744

 

 

 

750

 

Magnolia Topco LP - Class A Preferred Equity (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

169

 

 

 

169

 

 

 

172

 

Magnolia Topco LP - Class B Preferred Equity (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

929

 

 

 

554

 

 

 

794

 

Mars Intermediate Holdings II, Inc

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

414

 

 

 

551

 

NXOF Holdings, Inc. (Tyto Athene, LLC)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

160

 

 

 

160

 

 

 

107

 

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

575

 

 

 

57

 

 

 

 

PL Acquisitionco, LLC - Preferred Equity

 

 

 

 

Retail

 

 

 

 

 

 

 

 

37

 

 

 

37

 

 

 

39

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

12.00

%

 

 

 

 

 

1,527

 

 

 

1,527

 

 

 

2,490

 

TPC Holding Company, LP (8),(11)

 

 

 

 

Food

 

 

 

 

 

 

 

 

219

 

 

 

219

 

 

 

320

 

TWD Parent Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

30

 

 

 

30

 

 

 

37

 

(The Vertex Companies, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,701

 

 

 

13,280

 

Common Equity/Partnership Interests/Warrants—23.0% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC (9)

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

2,193,038

 

 

 

2,193

 

 

 

2,340

 

Ad.net Holdings, Inc.

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,667

 

 

 

27

 

 

 

 

Affinion Group Holdings, Inc. (Warrants)

 

04/10/2024

 

 

Consumer Products

 

 

 

 

 

 

 

 

77,190

 

 

 

2,126

 

 

 

 

AG Investco LP (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

805,164

 

 

 

805

 

 

 

1,074

 

AG Investco LP (7), (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

194,836

 

 

 

 

 

 

 

Altamira Intermediate Company II, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

125,000

 

 

 

125

 

 

 

127

 

AMCSI Crash Co-Invest, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

2,489,777

 

 

 

2,490

 

 

 

3,318

 

AMCSI Crash Co-Invest, LP (7)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

510,223

 

 

 

 

 

 

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

 

 

 

 

Athletico Holdings, LLC (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

9,357

 

 

 

10,000

 

 

 

9,032

 

Atlas Investment Aggregator, LLC

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

1,700,000

 

 

 

1,613

 

 

 

293

 

BioDerm, Inc.

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,312

 

 

 

1,312

 

 

 

1,513

 

Burgess Point Holdings, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

680

 

 

 

680

 

 

 

740

 

Connatix Parent, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

57,416

 

 

 

632

 

 

 

333

 

Cowboy Parent LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

27,778

 

 

 

3,015

 

 

 

5,451

 

(Blackhawk Industrial Distribution, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crane 1 Acquisition Parent Holdings, L.P.

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

113

 

 

 

104

 

 

 

173

 

Delta InvestCo LP

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

863,299

 

 

 

848

 

 

 

1,542

 

(Sigma Defense Systems, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delta InvestCo LP (7)

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

277,745

 

 

 

 

 

 

 

(Sigma Defense Systems, LLC) (7), (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

eCommission Holding Corporation (11)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

80

 

 

 

1,005

 

 

 

1,854

 

EDS Topco, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

937,500

 

 

 

938

 

 

 

885

 

Exigo, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,458,333

 

 

 

1,458

 

 

 

1,648

 

FedHC InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

14,578

 

 

 

489

 

 

 

2,060

 

FedHC InvestCo LP (7),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

5,150

 

 

 

 

 

 

 

FedHC InvestCo II LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

20,882

 

 

 

2,175

 

 

 

2,951

 

Five Star Parent Holdings, LLC

 

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

 

 

 

655,714

 

 

 

656

 

 

 

800

 

Gauge ETE Blocker, LLC - Common Equity

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

374,444

 

 

 

374

 

 

 

371

 

Gauge Lash Coinvest LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

889,376

 

 

 

136

 

 

 

4,076

 

Gauge Loving Tan, LP - Common Equity

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

462,827

 

 

 

463

 

 

 

389

 

Gauge Schlesinger Coinvest, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

9

 

 

 

10

 

 

 

7

 

Gauge TVC Coinvest, LLC

 

 

 

 

Transportation

 

 

 

 

 

 

 

 

810,645

 

 

 

 

 

 

2,390

 

(TVC Enterprises, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

18


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2023

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

GCOM InvestCo LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

2,434

 

 

$

1,003

 

 

$

401

 

Go Dawgs Capital III, LP

 

 

 

 

Building Materials

 

 

 

 

 

 

 

 

675,325

 

 

 

675

 

 

 

1,479

 

(American Insulated Glass, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hancock Claims Consultants Investors, LLC (9)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

450,000

 

 

 

450

 

 

 

338

 

HPA SPQ Aggregator LP- Common Equity

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

750,399

 

 

 

750

 

 

 

751

 

HV Watterson Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,600,000

 

 

 

1,600

 

 

 

1,778

 

Icon Partners V C, L.P.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,118,318

 

 

 

1,118

 

 

 

1,002

 

Icon Partners V C, L.P. (7)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

381,682

 

 

 

 

 

 

(40

)

IHS Parent Holdngs, L.P.

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,642

 

Imagine Topco, LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

743,826

 

 

 

 

 

 

 

Infogroup Parent Holdings, Inc.

 

 

 

 

Other Media

 

 

 

 

 

 

 

 

181,495

 

 

 

2,040

 

 

 

2,327

 

(Data Axle, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironclad Holdco, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

4,566

 

 

 

450

 

 

 

663

 

(Applied Technical Services, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITC Infusion Co-invest, LP(9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

162,445

 

 

 

1,624

 

 

 

1,775

 

ITC Rumba, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

375,675

 

 

 

8

 

 

 

1,158

 

(Cano Health, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Racing Holdco, LLC (Warrants)(9)

 

 

 

 

Hotels, Motels, Inns and Gaming

 

 

 

 

 

 

 

 

161,252

 

 

 

 

 

 

1,630

 

Kinetic Purchaser, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,308,814

 

 

 

1,309

 

 

 

1,892

 

KL Stockton Co-Invest LP

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

382,353

 

 

 

382

 

 

 

775

 

(Any Hour Services) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lariat ecoserv Co-Invest Holdings, LLC (9)

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

363,656

 

 

 

 

 

 

22

 

LEP Pequod Holdings, LP

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

350

 

 

 

865

 

 

 

1,006

 

Lightspeed Investment Holdco LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

273,143

 

 

 

273

 

 

 

741

 

LJ Avalon, LP

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

851,087

 

 

 

851

 

 

 

902

 

Lorient Peregrine Investments, LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

335,590

 

 

 

4,530

 

 

 

4,452

 

Magnolia Topco LP - Class A Common Equity (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

169,230

 

 

 

 

 

 

 

Magnolia Topco LP - Class B Common Equity (9)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

929,200

 

 

 

 

 

 

 

Mars Intermidiate Holdings II, Inc.

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

 

 

 

232

 

MDI Aggregator, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

30,993

 

 

 

3,103

 

 

 

3,326

 

Meadowlark Title, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

815,385

 

 

 

802

 

 

 

 

Municipal Emergency Services, Inc.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,920,145

 

 

 

3,984

 

 

 

4,430

 

NEPRT Parent Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,299

 

 

 

1,259

 

 

 

88

 

(Recteq, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NORA Parent Holdings, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,257

 

 

 

1,257

 

 

 

1,257

 

North Haven Saints Equity Holdings, LP(9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

351,553

 

 

 

352

 

 

 

351

 

NXOF Holdings, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,261

 

 

 

3

 

 

 

 

(Tyto Athene, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OceanSound Discovery Equity, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

98,286

 

 

 

913

 

 

 

2,133

 

(Holdco Sands Intermediate, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OHCP V BC COI, L.P.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

446,250

 

 

 

446

 

 

 

390

 

OHCP V BC COI, L.P. (7)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

303,750

 

 

 

 

 

 

(38

)

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

638

 

 

 

6

 

 

 

 

PennantPark-TSO Senior Loan Fund II, LP (11)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

12,269,640

 

 

 

12,270

 

 

 

12,485

 

Pink Lily Holdco, LLC (9)

 

 

 

 

Retail

 

 

 

 

 

 

 

 

1,044

 

 

 

1,044

 

 

 

33

 

Pragmatic Institute, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,918,047

 

 

 

1,918

 

 

 

747

 

Quad (U.S.) Co-Invest, L.P.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

2,958,706

 

 

 

2,959

 

 

 

3,461

 

QuantiTech InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

712

 

 

 

68

 

 

 

446

 

QuantiTech InvestCo LP (7),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

 

QuantiTech InvestCo II LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

40

 

 

 

24

 

 

 

26

 

RFMG Parent, LP

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,052

 

(Rancho Health MSO, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBI Holdings Investments LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

36,585

 

 

 

366

 

 

 

291

 

(Sales Benchmark Index LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Topco, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,981

 

 

 

2,981

 

 

 

2,372

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

80

 

 

 

80

 

 

 

2,059

 

SP L2 Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

881,966

 

 

 

882

 

 

 

604

 

SSC Dominion Holdings, LLC

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

71

 

 

 

71

 

 

 

3,294

 

Class B (US Dominion, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StellPen Holdings, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

153,846

 

 

 

154

 

 

 

169

 

(CF512, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC LifePort Holdings, LLC (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

254,206

 

 

 

250

 

 

 

405

 

Tower Arch Infolinks Media, LP (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

536,514

 

 

 

504

 

 

 

951

 

Tower Arch Infolinks Media, LP (7), (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

358,931

 

 

 

 

 

 

 

TPC Holding Company, LP (8). (11)

 

 

 

 

Food

 

 

 

 

 

 

 

 

11,527

 

 

 

12

 

 

 

113

 

TWD Parent Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

608

 

 

 

1

 

 

 

1

 

(The Vertex Companies, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

19


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2023

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

UniVista Insurance (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

400

 

 

$

362

 

 

$

555

 

Urology Partners Co., L.P.

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,111,111

 

 

 

1,111

 

 

 

1,044

 

WCP Ivyrehab (QP) CF Feeder, LP (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

3,715,012

 

 

 

3,754

 

 

 

4,319

 

WCP Ivyrehab QP CF Feeder, LP - Unfunded (7)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

284,988

 

 

 

 

 

 

 

Wildcat Parent, LP

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

2,314

 

 

 

231

 

 

 

820

 

(Wildcat Buyerco, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

95,037

 

 

 

115,477

 

Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

816,754

 

 

 

830,808

 

Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—2.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walker Edison Furniture Company LLC

 

03/31/2027

 

 

Home and Office Furnishings

 

 

12.18

%

 

1M SOFR+685

 

 

 

7,042

 

 

 

7,042

 

 

 

7,043

 

Walker Edison Furniture Company, LLC - Unfunded Term Loan

 

03/31/2027

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

667

 

 

 

 

 

 

 

Walker Edison Furniture Company LLC - Junior Revolver

 

03/31/2027

 

 

Home and Office Furnishings

 

 

11.68

%

 

1M SOFR+685

 

 

 

3,333

 

 

 

3,333

 

 

 

3,333

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,375

 

 

 

10,376

 

Preferred Equity/Partnership Interests—6.4% of Net Assets(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

5,887,236

 

 

 

32,791

 

 

 

31,032

 

Cascade Environmental Holdings, LLC - Series B

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

918

 

 

 

918

 

 

 

1,073

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,709

 

 

 

32,105

 

Common Equity/Partnership Interests/Warrants—2.4% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

7,444,347

 

 

 

2,852

 

 

 

 

JF Intermediate, LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

19,687

 

 

 

2,065

 

 

 

8,759

 

Walker Edison Furniture

 

 

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

72,917

 

 

 

6,786

 

 

 

3,531

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,703

 

 

 

12,290

 

Total Investments in Non-Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,787

 

 

 

54,771

 

Investments in Controlled, Affiliated Portfolio Companies—43.0% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—9.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

03/15/2027

 

 

Healthcare, Education and Childcare

 

 

12.21

%

 

3M SONIA+700

 

 

£

40,371

 

 

 

55,388

 

 

 

49,275

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,388

 

 

 

49,275

 

Second Lien Secured Debt—0.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailsouth Inc. (6)

 

04/23/2025

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

14,896

 

 

 

12,383

 

 

 

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,383

 

 

 

 

Subordinated Debt—20.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Loan Fund, LLC (11)

 

07/31/2027

 

 

Financial Services

 

 

13.37

%

 

3M SOFR+800

 

 

 

102,325

 

 

 

102,325

 

 

 

102,325

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102,325

 

 

 

102,325

 

Common Equity—12.8% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

£

950

 

 

 

131

 

 

 

2,385

 

MSpark, LLC

 

 

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

51,151

 

 

 

16,516

 

 

 

 

PennantPark Senior Loan Fund, LLC (11)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

58,580,060

 

 

 

58,643

 

 

 

62,083

 

Total Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75,290

 

 

 

64,468

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

245,386

 

 

 

216,068

 

Total Investments—219.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,117,927

 

 

 

1,101,647

 

Cash and Cash Equivalents—7.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,683

 

 

 

24,683

 

Non-Money Market Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,101

 

 

 

14,092

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,784

 

 

 

38,775

 

Total Investments and Cash Equivalents—227.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,156,711

 

 

$

1,140,422

 

Liabilities in Excess of Other Assets—(127.1%) of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(638,235

)

Net Assets—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

502,187

 

(1)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(2)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(3)
Valued based on our accounting policy (See Note 2).
(4)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or
Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting
period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans
with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(5)
The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5).
(6)
Non-income producing securities.
(7)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(8)
Non-U.S. company or principal place of business outside the United States.
(9)
Investment is held through our Taxable Subsidiary (See Note 1).
(10)
Par / Shares amount is denominated in British Pounds (£) as denoted.
(11)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2023, qualifying assets represent 93% of the Company’s total assets and non-qualifying assets represent 7% of the Company’s total assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

20


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

DECEMBER 31, 2023

 

 

1. ORGANIZATION

 

PennantPark Investment Corporation was organized as a Maryland corporation in January 2007. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. Our investment objective is to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments. We invest primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and, to a lesser extent, equity investments. On April 24, 2007, we closed our initial public offering. On April 14, 2022, trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol “PNNT.”

 

We have entered into an investment management agreement, (the "Investment Management Agreement"), with PennantPark Investment Advisors, LLC (the "Investment Adviser"), an external adviser that manages our day-to-day operations. We have also entered into an administration agreement, (the "Administration Agreement"), with PennantPark Investment Administrator LLC (the "Administrator"), which provides the administrative services necessary for us to operate. PennantPark Investment, through the Administrator, also provides similar services to SBIC II under a separate administration agreement.

 

On July 31, 2020, we and certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP, or Pantheon, entered into a limited liability company agreement to co-manage PSLF, a newly-formed unconsolidated joint venture. In connection with this transaction, we contributed in-kind our formerly wholly-owned subsidiary, Funding I. As a result of this transaction, Funding I became a wholly-owned subsidiary of PSLF and was deconsolidated from our financial statements. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. See Note 4.

 

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is

paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026 and may

be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general,

unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

 

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.436%. Interest on the 2026

Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are

general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively

subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

 

We have formed the Taxable Subsidiary, which is subject to tax as a corporation. The Taxable Subsidiary allows us to hold equity securities of certain portfolio companies treated as pass-through entities for federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

 

In January 2022, we formed PennantPark-TSO Senior Loan Fund II LP, ("PTSF II"), an unconsolidated limited partnership, organized as a Delaware limited partnership. We sold $82.3 million in investments to a wholly-owned subsidiary of PTSF II in exchange for cash in the amount of $75.7 million and an $6.6 million equity interest in PTSF II representing 23.1% of the total outstanding Class A Units of PTSF II. We recognized $0.2 million of realized gain upon the formation of PTSF II. As of December 31, 2023, our capital commitment of $15.0 million is 100% funded and we hold 23.1% of the total outstanding Class A Units of PTSF II and a 4.99% voting interest in the general partner which manages PTSF II.

 

We are operated by a person who has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act of 1936, as amended, or the Commodity Exchange Act, and therefore, is not subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The preparation of our consolidated financial statements, in conformity with U.S. generally accepted accounting principles, or GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies and any other parameters used in determining these estimates and assumptions could cause actual results to differ from such estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions in consolidation. References to the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Codification, as amended, or ASC, serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the consolidated financial statements are issued.

 

Our consolidated financial statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a consolidated statement of changes in net assets in lieu of a consolidated statement of changes in stockholders’ equity.

 

Restatement of Previously Issued Financial Statement

 

As noted in the Annual Report on Form 10-K for the year ended September 30, 2023, during the preparation of the financial statements as of and for the year ended September 30, 2023, Management identified an error in the classification and presentation of cash pertaining to the Company’s affiliates – PSLF and PTSF II in the September 30, 2022 financial statements. The Company recorded cash activity and due to affiliates pertaining to their investments as a reduction of the cash account instead of presenting the related cash and cash equivalents as an asset and a due to affiliates as a liability. This misclassification also existed at December 31, 2022, and the impact of the error correction is reflected on the consolidated statement of cash flows for the three months ended December 31, 2022 as an increase to cash and cash equivalents, beginning of period totaling $2.1 million, an increase to cash and cash equivalents, end of period totaling $2.2 million, and increase in due to affiliates of $0.04 million.

 

21


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

There was no impact from the error correction to total net assets and net asset value per share as reported on the consolidated statement of assets and liabilities as of December 31, 2022. In addition, there was no impact from the error correction on net investment income or net increase (decrease) in net assets resulting from operations in total or on a per common share basis as reported on the consolidated statements of operations for the three months ended December 31, 2022. The corrections related to the prior year comparative cash flow statement amounts were reported in the quarter ended December 31, 2023.

 

Our significant accounting policies consistently applied are as follows:

 

(a)
Investment Valuations

 

We expect that there may not be readily available market values for many of the investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5.

 

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

 

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment;
(2)
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;
(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;
(4)
The audit committee of our board of directors reviews the preliminary valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and
(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

 

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

 

(b)
Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses

 

Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects, as applicable, the change in the fair values of our portfolio investments and the Credit Facility during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, or OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned.

 

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of December 31, 2023, we had one portfolio companies on non-accrual, representing 1.0% and zero percent of overall portfolio on a cost and fair value basis, respectively. As of September 30, 2023, we had one portfolio company on non-accrual, representing 1.2% and zero percent of our overall portfolio on a cost and fair value basis, respectively.

 

(c)
Income Taxes

 

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of

 

22


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax. Additionally, certain of the Company’s consolidated subsidiaries are subject to federal, state and local income taxes. For the three months ended December 31, 2023 and 2022, we recorded a provision for taxes on net investment income of $0.4 million and $2.0 million respectively, which pertains to U.S. federal excise tax.

 

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.

 

The Taxable Subsidiary (PNNT Investment Holdings, LLC, a wholly-owned subsidiary of the Company) is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

 

For the three months ended December 31, 2023 and 2022, the Company recognized a provision for taxes of zero, respectively, on net realized gain (loss) on investments by the Taxable Subsidiary. For the three months ended December 31, 2023 and 2022, the Company recognized a provision for taxes of $(0.2) million and $(0.9) million, respectively, on net unrealized gain (loss) on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which is likely to be realized and unrealized during fiscal year ending September 30, 2024 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. As of December 31, 2023 and September 30, 2023, the Company recognized a provision for taxes of $0.2 million and $3.4 million, respectively, on net realized and unrealized gains on investments by the Taxable Subsidiary.

 

During the three months ended December 31, 2023 and 2022, the Company paid zero, respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. The state and local tax liability is zero as of December 31, 2023 is included under accrued other expenses in the consolidated statement of assets and liabilities.

 

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

Because federal income tax regulations differ from GAAP, distributions characterized in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

 

(d)
Distributions and Capital Transactions

 

Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by our board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital.

 

Capital transactions, in connection with our dividend reinvestment plan or through offerings of our common stock, are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.

 

(e)
Foreign Currency Translation

 

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

 

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and
2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

 

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

 

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

 

(f)
Consolidation

As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Investment will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our SBIC Funds and our Taxable Subsidiary in our Consolidated Financial Statements. We do not consolidate our non-controlling interests in PSLF or PTSF II. See further description of our investment in PSLF in Note 4.

 

 

23


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

(g)
Asset Transfers and Servicing

 

Asset transfers that do not meet ASC Topic 860, Transfers and Servicing, requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments.

 

(h) Recent Accounting Pronouncements

 

In March 2020, the FASB issued Accounting Standards Update, or ASU, No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through June 30, 2023. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the three months ended December 31, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto.

 

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company has adopted the new accounting standard implementing appropriate controls and procedures, the effect of which was not material to the consolidated financial statements and the notes thereto.

 

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

 

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

 

(a) Investment Management Agreement

 

The Investment Management Agreement with the Investment Adviser was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in February 2024. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to, us. The Investment Adviser serves as the servicer to Funding I and has irrevocably directed that the management fee owed to it with respect to such services be paid to the Company so long as the Investment Adviser remains the servicer. SBIC II’s investment management agreement does not affect the management or incentive fees that we pay to the Investment Adviser on a consolidated basis. For providing these services, the Investment Adviser receives a fee from us, consisting of two components— a base management fee and an incentive fee or, collectively, Management Fees.

 

Base Management Fee

 

The base management fee is calculated at an annual rate of 1.50% of our “average adjusted gross assets,” which equals our gross assets (exclusive of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. In addition, on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors also approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For the three months ended December 31, 2023 and 2022, the Investment Adviser earned base management fees of $4.0 million and $4.6 million, respectively, from us.

 

Incentive Fee

 

The incentive fee has two parts, as follows:

One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre- Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter. These calculations are pro-rated for any share issuances or repurchases during the relevant quarter, if applicable.

 

24


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

For the three months ended December 31, 2023 and 2022, the Investment Adviser earned $3.3 million and $2.2 million, respectively, in incentive fees on net investment income from us.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and, effective January 1, 2018, equals 17.5% of our realized capital gains, (20.0% for periods prior to January 1, 2018), if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For each of the three months ended December 31, 2023 and 2022, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under the Investment Management Agreement (as described above).

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 17.5% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years, if any. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. For each of the three months ended December 31, 2023, and 2022, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under GAAP.

 

(b) Administration Agreement

 

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2023. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. The amount billed by the Administrator may include credits related to its administrative agreement with PSLF. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the three months ended December 31, 2023 and 2022, we recorded $0.1 million and $0.1 million, respectively, for the services described above.

 

On July 1, 2022, the Administration Agreement with the Administrator was amended to clarify that the Administrator may be reimbursed by the Company for certain (i) tax and general legal advice and/or services provided to the Company by in-house professionals of the Administrator related to ongoing operations of the Company; and (ii) transactional legal advice and/or services provided to the Company or portfolio companies by in-house professionals of the Administrator or its affiliates on matters related to potential or actual investments and transactions, including tax structuring and/or due diligence.

 

(c) Other Related Party Transactions

 

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three months ended December 31, 2023 and 2022.

 

For the three months ended December 31, 2023 and 2022 we sold $50.8 million and zero in investments to PSLF at fair value, respectively, and recognized zero of net realized gains, respectively.

 

For the three months ended December 31, 2023 and 2022, we sold zero in investments to PTSF II at fair value, respectively, and recognized zero of net realized gains, respectively.

 

As of December 31, 2023 and September 30, 2023, PNNT had a payable to PSLF and PTSF II of $1.6 million and $4.1 million, respectively, presented as a due to affiliates on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSLF and PTSF II from PNNT in connection with trades between the funds.

 

As of December 31, 2023 and September 30, 2023, PNNT had a receivable from Administrator of $0.2 million and zero, respectively, presented as a due from affiliates on the consolidated statement of assets and liabilities. These amounts are related to agency fees collected on behalf of the Company.

 

4. INVESTMENTS

 

Purchases of investments, including PIK interest, for the three months ended December 31, 2023 and 2022 totaled $282.0 million and $86.2 million, respectively. Sales and repayments of investments for the three months ended December 31, 2023 and 2022 totaled $170.8 million and $30.6 million, respectively.

 

Investments and cash and cash equivalents consisted of the following:

 

 

 

December 31, 2023

 

 

September 30, 2023

 

Investment Classification ($ in thousands)

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

First lien

 

$

687,747

 

 

$

677,702

 

 

$

538,737

 

 

$

527,657

 

U.S. Government Securities

 

 

49,855

 

 

 

49,846

 

 

 

99,768

 

 

 

99,751

 

Second lien

 

 

96,815

 

 

 

78,430

 

 

 

96,759

 

 

 

80,396

 

Subordinated debt / corporate notes

 

 

54,973

 

 

 

48,752

 

 

 

54,897

 

 

 

53,897

 

Subordinated notes in PSLF

 

 

102,325

 

 

 

102,325

 

 

 

102,325

 

 

 

102,325

 

Equity

 

 

181,682

 

 

 

190,899

 

 

 

166,798

 

 

 

175,538

 

Equity in PSLF

 

 

58,643

 

 

 

62,804

 

 

 

58,643

 

 

 

62,083

 

Total investments

 

 

1,232,040

 

 

 

1,210,758

 

 

 

1,117,927

 

 

 

1,101,647

 

Cash and cash equivalents

 

 

36,850

 

 

 

36,893

 

 

 

38,784

 

 

 

38,775

 

Total investments and cash and cash equivalents

 

$

1,268,890

 

 

$

1,247,651

 

 

$

1,156,711

 

 

$

1,140,422

 

 

 

25


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries as of:

 

Industry Classification

 

December 31, 2023 (1)

 

 

 

September 30, 2023 (1)

 

 

Business Services

 

 

14

 

%

 

 

16

 

%

Distribution

 

 

14

 

 

 

 

7

 

 

Healthcare, Education and Childcare

 

 

13

 

 

 

 

13

 

 

Consumer Products

 

 

8

 

 

 

 

8

 

 

Aerospace and Defense

 

 

7

 

 

 

 

5

 

 

Short-Term U.S. Government Securities

 

 

5

 

 

 

 

11

 

 

Media

 

 

4

 

 

 

 

5

 

 

Financial Services

 

 

4

 

 

 

 

5

 

 

Chemicals, Plastics and Rubber

 

 

4

 

 

 

 

5

 

 

Telecommunications

 

 

4

 

 

 

 

5

 

 

Auto Sector

 

 

4

 

 

 

 

4

 

 

Environmental Services

 

 

3

 

 

 

 

4

 

 

Electronics

 

 

3

 

 

 

 

2

 

 

Machinery

 

 

3

 

 

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

2

 

 

 

 

2

 

 

Building Materials

 

 

1

 

 

 

 

1

 

 

Education

 

 

1

 

 

 

 

1

 

 

Home and Office Furnishings

 

 

1

 

 

 

 

1

 

 

Insurance

 

 

1

 

 

 

 

1

 

 

Personal and Non-Durable Consumer Products

 

 

1

 

 

 

 

1

 

 

Transportation

 

 

1

 

 

 

 

1

 

 

Retail

 

 

1

 

 

 

 

1

 

 

Other

 

 

1

 

 

 

 

1

 

 

Total

 

 

100

 

%

 

 

100

 

%

(1)
Excludes investments in PSLF.

 

PennantPark Senior Loan Fund, LLC

 

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture. PSLF invests primarily in middle-market and other corporate debt securities consistent with its strategy. PSLF was formed as a Delaware limited liability company. As of December 31, 2023 and September 30, 2023, PSLF had total assets of $920.7 million and $872.8 million, respectively and its investment portfolio consisted of debt investments in 93 and 90 portfolio companies, respectively. As of the same dates, we and Pantheon had remaining commitments to fund first lien secured debt of $22.4 million and $22.4 million, respectively, and equity interest of $14.5 million and $14.5 million, respectively, in PSLF. As of December 31, 2023, at fair value, the largest investment in a single portfolio company in PSLF was $21.5 million and the five largest investments totaled $99.7 million. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSLF was $19.7 million and the five largest investments totaled $97.5 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

 

We provide capital to PSLF in the form of subordinated notes and equity interests. As of December 31, 2023 and September 30, 2023, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of December 31, 2023 and September 30, 2023, our investment in PSLF consisted of subordinated notes of $102.3 million and $102.3 million, respectively, and equity interests of $58.6 million and $58.6 million, respectively.

 

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each of us and Pantheon.

 

Additionally, PSLF, through its wholly-owned subsidiary, or PSLF Subsidiary, has entered into a $325.0 million (increased from $225.0 million on September 2, 2022) senior secured revolving credit facility, or the PSLF Credit Facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 260 basis points during the investment period and is subject to leverage and borrowing base restrictions.

 

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.

 

On July 26, 2023, CLO VII , LLC ("CLO VII") completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a diversified portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. As of December 31, 2023 there was $246.0 million of external 2035 Asset-Backed Debt.

 

 

 

26


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

Below is a summary of PSLF’s portfolio at fair value:

($ in thousands)

 

December 31, 2023 (Unaudited)

 

 

September 30, 2023

 

Total investments

 

$

857,885

 

 

$

804,187

 

Weighted average cost yield on income producing investments

 

 

12.1

%

 

 

12.1

%

Number of portfolio companies in PSLF

 

 

93

 

 

 

90

 

Largest portfolio company investment at fair value

 

$

21,491

 

 

$

19,737

 

Total of five largest portfolio company investments at fair value

 

$

99,724

 

 

$

97,526

 

 

 

Below is a listing of PSLF’s individual investments as of December 31, 2023 ($ in thousands)

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 826.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/28

 

Personal, Food and Miscellaneous Services

 

 

11.96

%

 

SOFR+660

 

 

14,888

 

 

$

14,636

 

 

$

14,813

 

ACP Falcon Buyer, Inc.

 

08/01/29

 

Business Services

 

 

11.85

%

 

SOFR+650

 

 

15,467

 

 

 

15,151

 

 

 

15,297

 

Ad.net Acquisition, LLC

 

05/07/26

 

Media

 

 

11.61

%

 

SOFR+600

 

 

4,875

 

 

 

4,875

 

 

 

4,851

 

Alpine Acquisition Corp II

 

11/30/26

 

Containers, Packaging and Glass

 

 

11.45

%

 

SOFR+610

 

 

14,800

 

 

 

14,509

 

 

 

14,208

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/25

 

Media

 

 

11.75

%

 

SOFR+640

 

 

13,922

 

 

 

13,846

 

 

 

13,713

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/24

 

Media

 

 

11.00

%

 

SOFR+565

 

 

14,151

 

 

 

14,125

 

 

 

14,009

 

Any Hour Services

 

07/21/27

 

Personal, Food and Miscellaneous Services

 

 

11.23

%

 

SOFR+575

 

 

10,854

 

 

 

10,821

 

 

 

10,746

 

Applied Technical Services, LLC

 

12/29/26

 

Environmental Services

 

 

11.42

%

 

SOFR+615

 

 

11,876

 

 

 

11,758

 

 

 

11,639

 

Arcfield Acquisition Corp.

 

08/03/29

 

Aerospace and Defense

 

 

11.64

%

 

SOFR+635

 

 

21,708

 

 

 

21,389

 

 

 

21,491

 

Beta Plus Technologies, Inc.

 

07/01/29

 

Business Services

 

 

11.10

%

 

SOFR+575

 

 

14,813

 

 

 

14,572

 

 

 

14,220

 

Bioderm, Inc.

 

01/31/28

 

Healthcare, Education and Childcare

 

 

11.84

%

 

SOFR+650

 

 

8,955

 

 

 

8,851

 

 

 

8,865

 

Blackhawk Industrial Distribution, Inc.

 

09/17/26

 

Distribution

 

 

11.75

%

 

SOFR+640

 

 

19,748

 

 

 

19,484

 

 

 

19,501

 

BlueHalo Financing Holdings, LLC

 

10/31/25

 

Aerospace and Defense

 

 

12.00

%

 

SOFR+665

 

 

11,067

 

 

 

10,988

 

 

 

10,845

 

Broder Bros., Co.

 

12/04/25

 

Personal and Non-Durable Consumer Products

 

 

11.65

%

 

SOFR+600

 

 

9,619

 

 

 

9,619

 

 

 

9,619

 

Burgess Point Purchaser Corporation

 

09/26/29

 

Auto Sector

 

 

10.71

%

 

SOFR+535

 

 

891

 

 

 

835

 

 

 

838

 

Cartessa Aesthetics, LLC

 

06/14/28

 

Distribution

 

 

11.10

%

 

SOFR+575

 

 

17,238

 

 

 

16,978

 

 

 

17,238

 

CF512, Inc.

 

08/20/26

 

Media

 

 

11.57

%

 

SOFR+619

 

 

2,913

 

 

 

2,895

 

 

 

2,855

 

Connatix Buyer, Inc.

 

07/13/27

 

Media

 

 

11.14

%

 

SOFR+576

 

 

8,785

 

 

 

8,768

 

 

 

8,390

 

Crane 1 Services, Inc.

 

08/16/27

 

Personal, Food and Miscellaneous Services

 

 

10.36

%

 

SOFR+501

 

 

2,568

 

 

 

2,545

 

 

 

2,556

 

Dr. Squatch, LLC

 

08/31/27

 

Personal and Non-Durable Consumer Products

 

 

11.20

%

 

SOFR+575

 

 

10,671

 

 

 

10,628

 

 

 

10,671

 

DRI Holding Inc.

 

12/21/28

 

Media

 

 

10.71

%

 

SOFR+525

 

 

4,371

 

 

 

3,962

 

 

 

3,977

 

DRS Holdings III, Inc.

 

11/03/25

 

Consumer Products

 

 

11.77

%

 

SOFR+640

 

 

14,157

 

 

 

14,115

 

 

 

14,002

 

Duraco Specialty Tapes LLC

 

06/30/24

 

Manufacturing / Basic Industries

 

 

11.96

%

 

SOFR+650

 

 

8,613

 

 

 

8,561

 

 

 

8,475

 

EDS Buyer, LLC

 

01/10/29

 

Aerospace and Defense

 

 

11.62

%

 

SOFR+625

 

 

6,203

 

 

 

6,135

 

 

 

6,141

 

ETE Intermediate II, LLC

 

05/29/29

 

Personal, Food and Miscellaneous Services

 

 

11.89

%

 

SOFR+650

 

 

12,342

 

 

 

12,122

 

 

 

12,342

 

Exigo Intermediate II, LLC

 

03/15/27

 

Business Services

 

 

11.46

%

 

SOFR+575

 

 

9,725

 

 

 

9,616

 

 

 

9,579

 

Fairbanks Morse Defense

 

06/17/28

 

Aerospace and Defense

 

 

10.54

%

 

SOFR+551

 

 

3,514

 

 

 

3,429

 

 

 

3,511

 

Five Star Buyer, Inc.

 

02/23/28

 

Hotels, Motels, Inns and Gaming

 

 

12.46

%

 

SOFR+700

 

 

4,340

 

 

 

4,261

 

 

 

4,275

 

Global Holdings InterCo LLC

 

03/16/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.46

%

 

SOFR+610

 

 

7,008

 

 

 

6,990

 

 

 

6,658

 

Graffiti Buyer, Inc.

 

08/10/27

 

Distribution

 

 

10.95

%

 

SOFR+575

 

 

1,949

 

 

 

1,921

 

 

 

1,930

 

Hancock Roofing and Construction L.L.C.

 

12/31/26

 

Insurance

 

 

10.95

%

 

SOFR+550

 

 

6,423

 

 

 

6,423

 

 

 

6,166

 

Holdco Sands Intermediate, LLC

 

11/23/28

 

Aerospace and Defense

 

 

11.57

%

 

SOFR+600

 

 

19,666

 

 

 

19,348

 

 

 

19,470

 

HV Watterson Holdings, LLC

 

12/17/26

 

Business Services

 

 

11.50

%

 

SOFR+615

 

 

15,064

 

 

 

14,910

 

 

 

15,064

 

HW Holdco, LLC

 

12/10/24

 

Media

 

 

11.83

%

 

SOFR+650

 

 

14,250

 

 

 

14,186

 

 

 

14,036

 

IG Investments Holdings, LLC

 

09/22/28

 

Business Services

 

 

11.45

%

 

SOFR+600

 

 

4,417

 

 

 

4,346

 

 

 

4,350

 

Imagine Acquisitionco, LLC

 

11/15/27

 

Business Services

 

 

10.74

%

 

SOFR+550

 

 

5,551

 

 

 

5,471

 

 

 

5,468

 

Inception Fertility Ventures, LLC

 

12/31/24

 

Healthcare, Education and Childcare

 

 

12.64

%

 

SOFR+715

 

 

19,687

 

 

 

19,420

 

 

 

19,687

 

Infinity Home Services Holdco, Inc.

 

12/28/28

 

Personal, Food and Miscellaneous Services

 

 

12.20

%

 

SOFR+685

 

 

11,025

 

 

 

10,847

 

 

 

11,025

 

Infolinks Media Buyco, LLC

 

11/01/26

 

Media

 

 

11.21

%

 

SOFR+585

 

 

5,785

 

 

 

5,785

 

 

 

5,785

 

Integrity Marketing Acquisition, LLC

 

08/27/26

 

Insurance

 

 

11.54

%

 

SOFR+575

 

 

19,651

 

 

 

19,596

 

 

 

19,455

 

Inventus Power, Inc.

 

06/30/25

 

Consumer Products

 

 

12.97

%

 

SOFR+761

 

 

13,201

 

 

 

12,970

 

 

 

12,937

 

K2 Pure Solutions NoCal, L.P.

 

01/31/24

 

Chemicals, Plastics and Rubber

 

 

15.46

%

 

SOFR+1010

 

 

10,952

 

 

 

10,951

 

 

 

10,952

 

Kinetic Purchaser, LLC

 

11/10/27

 

Consumer Products

 

 

11.50

%

 

SOFR+615

 

 

16,877

 

 

 

16,611

 

 

 

16,793

 

LAV Gear Holdings, Inc.

 

10/31/25

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

11.80

%

 

SOFR+640

 

 

4,647

 

 

 

4,626

 

 

 

4,545

 

Lash OpCo, LLC

 

02/18/27

 

Consumer Products

 

 

12.48

%

 

SOFR+700

 

 

19,673

 

 

 

19,525

 

 

 

19,575

 

Lightspeed Buyer Inc.

 

02/03/26

 

Healthcare, Education and Childcare

 

 

10.71

%

 

SOFR+535

 

 

12,187

 

 

 

12,039

 

 

 

12,126

 

LJ Avalon Holdings, LLC

 

01/31/30

 

Environmental Services

 

 

12.04

%

 

SOFR+665

 

 

6,302

 

 

 

6,192

 

 

 

6,176

 

MAG DS Corp.

 

04/01/27

 

Aerospace and Defense

 

 

10.95

%

 

SOFR+550

 

 

7,581

 

 

 

7,158

 

 

 

7,239

 

Magenta Buyer, LLC

 

07/31/28

 

Software

 

 

10.64

%

 

SOFR+526

 

 

3,775

 

 

 

3,550

 

 

 

2,652

 

Mars Acquisition Holdings Corp.

 

05/14/26

 

Media

 

 

11.00

%

 

SOFR+565

 

 

10,857

 

 

 

10,788

 

 

 

10,857

 

MBS Holdings, Inc.

 

04/16/27

 

Telecommunications

 

 

11.29

%

 

SOFR+585

 

 

8,395

 

 

 

8,307

 

 

 

8,282

 

Meadowlark Acquirer, LLC

 

12/10/27

 

Business Services

 

 

11.04

%

 

SOFR+550

 

 

2,945

 

 

 

2,900

 

 

 

2,857

 

Municipal Emergency Services, Inc.

 

10/01/27

 

Distribution

 

 

10.50

%

 

SOFR+515

 

 

5,958

 

 

 

5,850

 

 

 

5,952

 

NBH Group LLC

 

08/19/26

 

Healthcare, Education and Childcare

 

 

11.19

%

 

SOFR+525

 

 

7,410

 

 

 

7,353

 

 

 

6,966

 

Neptune Flood Incorporated

 

05/09/29

 

Financial Services

 

 

11.72

%

 

SOFR+635

 

 

7,845

 

 

 

7,740

 

 

 

7,845

 

NORA Acquisition, LLC

 

08/31/29

 

Healthcare, Education and Childcare

 

 

11.70

%

 

SOFR+635

 

 

14,963

 

 

 

14,681

 

 

 

14,738

 

One Stop Mailing, LLC

 

05/07/27

 

Transportation

 

 

11.72

%

 

SOFR+636

 

 

8,447

 

 

 

8,296

 

 

 

8,447

 

Owl Acquisition, LLC

 

02/04/28

 

Education

 

 

10.75

%

 

SOFR+575

 

 

3,893

 

 

 

3,798

 

 

 

3,834

 

Ox Two, LLC (New Issue)

 

05/18/26

 

Distribution

 

 

12.86

%

 

SOFR+751

 

 

4,378

 

 

 

4,333

 

 

 

4,323

 

Pequod Merger Sub, Inc.

 

12/02/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.75

%

 

SOFR+640

 

 

11,445

 

 

 

11,253

 

 

 

11,216

 

PL Acquisitionco, LLC

 

11/09/27

 

Retail

 

 

12.46

%

 

SOFR+710

 

 

8,000

 

 

 

7,892

 

 

 

7,080

 

PlayPower, Inc.

 

05/08/26

 

Consumer Products

 

 

11.06

%

 

SOFR+565

 

 

2,544

 

 

 

2,479

 

 

 

2,467

 

Quantic Electronics, LLC

 

11/19/26

 

Aerospace and Defense

 

 

11.70

%

 

SOFR+635

 

 

3,305

 

 

 

3,261

 

 

 

3,239

 

 

 

 

 

27


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Radius Aerospace, Inc.

 

03/31/25

 

Aerospace and Defense

 

 

11.25

%

 

SOFR+575

 

 

12,669

 

 

$

12,614

 

 

$

12,542

 

Rancho Health MSO, Inc.

 

12/18/25

 

Healthcare, Education and Childcare

 

 

11.24

%

 

SOFR+550

 

 

5,589

 

 

 

5,589

 

 

 

5,589

 

Reception Purchaser, LLC

 

04/28/28

 

Transportation

 

 

11.50

%

 

SOFR+615

 

 

4,987

 

 

 

4,928

 

 

 

4,838

 

Recteq, LLC

 

01/29/26

 

Consumer Products

 

 

12.50

%

 

SOFR+715

 

 

9,725

 

 

 

9,638

 

 

 

9,385

 

Research Now Group, LLC and Dynata, LLC

 

12/20/24

 

Business Services

 

 

11.14

%

 

SOFR+576

 

 

14,351

 

 

 

14,305

 

 

 

12,701

 

Riverpoint Medical, LLC

 

06/20/25

 

Healthcare, Education and Childcare

 

 

10.50

%

 

SOFR+500

 

 

3,168

 

 

 

3,156

 

 

 

3,142

 

Riverside Assessments, LLC

 

03/09/25

 

Education

 

 

11.25

%

 

SOFR+625

 

 

10,867

 

 

 

10,816

 

 

 

10,758

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)

 

06/16/29

 

Professional Services

 

 

11.43

%

 

SOFR+625

 

 

3,739

 

 

 

3,672

 

 

 

3,683

 

S101 Holdings Inc.

 

12/29/26

 

Electronics

 

 

11.54

%

 

SOFR+615

 

 

4,239

 

 

 

4,176

 

 

 

4,176

 

Sales Benchmark Index LLC

 

01/03/25

 

Business Services

 

 

11.55

%

 

SOFR+620

 

 

6,676

 

 

 

6,641

 

 

 

6,643

 

Sargent & Greenleaf Inc.

 

12/20/24

 

Electronics

 

 

12.96

%

 

SOFR+750

 

 

4,830

 

 

 

4,830

 

 

 

4,806

 

Seaway Buyer, LLC

 

06/13/29

 

Chemicals, Plastics and Rubber

 

 

11.50

%

 

SOFR+615

 

 

14,813

 

 

 

14,603

 

 

 

14,294

 

Sigma Defense Systems, LLC

 

12/18/27

 

Telecommunications

 

 

12.50

%

 

SOFR+715

 

 

6,434

 

 

 

6,395

 

 

 

6,370

 

Signature Systems Holding Company

 

05/03/24

 

Chemicals, Plastics and Rubber

 

 

12.00

%

 

SOFR+665

 

 

9,401

 

 

 

9,386

 

 

 

9,401

 

Skopima Consilio Parent, LLC

 

05/17/28

 

Business Services

 

 

9.97

%

 

SOFR+450

 

 

1,300

 

 

 

1,275

 

 

 

1,290

 

Solutionreach, Inc.

 

07/17/25

 

Communications

 

 

12.53

%

 

SOFR+700

 

 

9,239

 

 

 

9,206

 

 

 

9,211

 

SpendMend Holdings, LLC

 

03/01/28

 

Business Services

 

 

11.01

%

 

SOFR+565

 

 

9,583

 

 

 

9,340

 

 

 

9,477

 

STV Group Incorporated

 

12/11/26

 

Transportation

 

 

10.71

%

 

SOFR+535

 

 

12,099

 

 

 

12,047

 

 

 

11,978

 

Summit Behavioral Healthcare, LLC

 

11/24/28

 

Healthcare, Education and Childcare

 

 

10.40

%

 

SOFR+475

 

 

3,563

 

 

 

3,387

 

 

 

3,554

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

08/16/27

 

Aerospace and Defense

 

 

11.33

%

 

SOFR+600

 

 

15,925

 

 

 

15,669

 

 

 

15,829

 

Team Services Group, LLC

 

11/24/28

 

Healthcare, Education and Childcare

 

 

10.75

%

 

SOFR+515

 

 

2,681

 

 

 

2,583

 

 

 

2,656

 

Teneo Holdings LLC

 

07/18/25

 

Financial Services

 

 

10.71

%

 

SOFR+525

 

 

2,928

 

 

 

2,920

 

 

 

2,921

 

The Bluebird Group LLC

 

07/27/26

 

Business Services

 

 

12.00

%

 

SOFR+665

 

 

11,978

 

 

 

11,924

 

 

 

11,846

 

The Vertex Companies, LLC

 

08/31/27

 

Business Services

 

 

11.49

%

 

SOFR+635

 

 

7,673

 

 

 

7,583

 

 

 

7,658

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/25

 

Food

 

 

11.04

%

 

SOFR+550

 

 

5,465

 

 

 

5,373

 

 

 

5,410

 

TWS Acquisition Corporation

 

06/06/25

 

Education

 

 

11.78

%

 

SOFR+625

 

 

6,219

 

 

 

6,208

 

 

 

6,219

 

Tyto Athene, LLC

 

04/03/28

 

Aerospace and Defense

 

 

11.04

%

 

SOFR+550

 

 

11,393

 

 

 

11,290

 

 

 

10,527

 

Urology Management Holdings, Inc.

 

06/15/26

 

Healthcare, Education and Childcare

 

 

11.93

%

 

SOFR+625

 

 

3,850

 

 

 

3,788

 

 

 

3,770

 

Wildcat Buyerco, Inc.

 

02/27/27

 

Electronics

 

 

11.12

%

 

SOFR+575

 

 

19,404

 

 

 

19,230

 

 

 

19,113

 

Zips Car Wash, LLC

 

03/01/24

 

Business Services

 

 

12.70

%

 

SOFR+725

 

 

19,682

 

 

 

19,636

 

 

 

19,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

863,478

 

 

 

857,885

 

Total Investments - 826.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 53.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,996

 

 

 

54,996

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,996

 

 

 

54,996

 

Total Investments and Cash Equivalents - 879.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

$

918,474

 

 

$

912,881

 

Liabilities in Excess of Other Assets — (779.4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(809,072

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

103,809

 

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR” or Prime rate or
“P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically
indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a
spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.

 


 

 

 

28


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

Below is a listing of PSLF’s individual investments as of September 30, 2023 ($ in thousands):

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 783.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/28

 

Personal, Food and Miscellaneous Services

 

 

11.84

%

 

SOFR+650

 

 

14,925

 

 

$

14,668

 

 

$

14,850

 

Ad.net Acquisition, LLC

 

05/07/26

 

Media

 

 

11.65

%

 

SOFR+600

 

 

4,888

 

 

 

4,888

 

 

 

4,863

 

Alpine Acquisition Corp II

 

11/30/26

 

Containers, Packaging and Glass

 

 

11.26

%

 

SOFR+600

 

 

14,837

 

 

 

14,528

 

 

 

14,244

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/25

 

Media

 

 

11.79

%

 

SOFR+675

 

 

13,958

 

 

 

13,869

 

 

 

13,749

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/24

 

Media

 

 

12.04

%

 

SOFR+650

 

 

14,354

 

 

 

14,319

 

 

 

14,103

 

Any Hour Services

 

07/21/27

 

Personal, Food and Miscellaneous Services

 

 

11.22

%

 

SOFR+575

 

 

10,882

 

 

 

10,847

 

 

 

10,665

 

Apex Service Partners, LLC

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

10.52

%

 

SOFR+525

 

 

6,424

 

 

 

6,380

 

 

 

6,408

 

Apex Service Partners, LLC Term Loan B

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

11.11

%

 

SOFR+550

 

 

3,316

 

 

 

3,299

 

 

 

3,308

 

Apex Service Partners, LLC - Term Loan C

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

10.76

%

 

SOFR+525

 

 

7,531

 

 

 

7,531

 

 

 

7,512

 

Applied Technical Services, LLC

 

12/29/26

 

Environmental Services

 

 

11.51

%

 

SOFR+575

 

 

11,394

 

 

 

11,271

 

 

 

11,166

 

Applied Technical Services, LLC - Unfunded Term Loan (3)

 

12/29/26

 

Environmental Services

 

 

 

 

 

 

 

513

 

 

 

-

 

 

 

(5

)

Arcfield Acquisition Corp.

 

08/03/29

 

Aerospace and Defense

 

 

11.62

%

 

SOFR+625

 

 

11,820

 

 

 

11,642

 

 

 

11,702

 

Beta Plus Technologies, Inc.

 

07/01/29

 

Business Services

 

 

11.14

%

 

SOFR+575

 

 

14,850

 

 

 

14,604

 

 

 

13,811

 

Bioderm, Inc.

 

01/31/28

 

Healthcare, Education and Childcare

 

 

11.83

%

 

SOFR+650

 

 

8,978

 

 

 

8,874

 

 

 

8,933

 

Blackhawk Industrial Distribution, Inc.

 

09/17/24

 

Distribution

 

 

11.79

%

 

SOFR+625

 

 

17,823

 

 

 

17,588

 

 

 

17,556

 

Broder Bros., Co.

 

12/04/25

 

Personal and Non-Durable Consumer Products

 

 

11.50

%

 

SOFR+600

 

 

9,683

 

 

 

9,683

 

 

 

9,683

 

Burgess Point Purchaser Corporation

 

09/26/29

 

Auto Sector

 

 

10.67

%

 

SOFR+525

 

 

893

 

 

 

836

 

 

 

841

 

Cartessa Aesthetics, LLC

 

06/14/28

 

Distribution

 

 

11.39

%

 

SOFR+600

 

 

17,281

 

 

 

17,013

 

 

 

17,281

 

CF512, Inc.

 

08/20/26

 

Media

 

 

11.60

%

 

SOFR+600

 

 

2,921

 

 

 

2,901

 

 

 

2,862

 

Connatix Buyer, Inc.

 

07/13/27

 

Media

 

 

11.16

%

 

SOFR+550

 

 

8,808

 

 

 

8,792

 

 

 

8,500

 

Crane 1 Services, Inc.

 

08/16/27

 

Personal, Food and Miscellaneous Services

 

 

10.90

%

 

SOFR+575

 

 

2,575

 

 

 

2,550

 

 

 

2,562

 

Dr. Squatch, LLC

 

08/31/27

 

Personal and Non-Durable Consumer Products

 

 

11.24

%

 

SOFR+575

 

 

10,882

 

 

 

10,834

 

 

 

10,882

 

DRI Holding Inc.

 

12/21/28

 

Media

 

 

10.67

%

 

SOFR+525

 

 

4,382

 

 

 

3,959

 

 

 

3,993

 

DRS Holdings III, Inc.

 

11/03/25

 

Consumer Products

 

 

11.77

%

 

SOFR+640

 

 

14,395

 

 

 

14,345

 

 

 

14,222

 

Duraco Specialty Tapes LLC

 

06/30/24

 

Manufacturing / Basic Industries

 

 

11.93

%

 

SOFR+650

 

 

8,635

 

 

 

8,561

 

 

 

8,505

 

EDS Buyer, LLC

 

01/10/29

 

Aerospace and Defense

 

 

11.64

%

 

SOFR+625

 

 

6,219

 

 

 

6,148

 

 

 

6,125

 

Electro Rent Corporation

 

01/17/24

 

Electronics

 

 

10.93

%

 

SOFR+550

 

 

3,712

 

 

 

3,665

 

 

 

3,632

 

ETE Intermediate II, LLC

 

05/29/29

 

Personal, Food and Miscellaneous Services

 

 

11.89

%

 

SOFR+650

 

 

12,404

 

 

 

12,171

 

 

 

12,193

 

Exigo Intermediate II, LLC

 

03/15/27

 

Business Services

 

 

11.17

%

 

SOFR+575

 

 

9,750

 

 

 

9,637

 

 

 

9,555

 

Fairbanks Morse Defense

 

06/17/28

 

Aerospace and Defense

 

 

10.40

%

 

SOFR+475

 

 

1,518

 

 

 

1,470

 

 

 

1,506

 

Five Star Buyer, Inc.

 

02/23/28

 

Hotels, Motels, Inns and Gaming

 

 

12.43

%

 

SOFR+700

 

 

4,373

 

 

 

4,291

 

 

 

4,307

 

Global Holdings InterCo LLC

 

03/16/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.96

%

 

SOFR+650

 

 

7,027

 

 

 

7,008

 

 

 

6,676

 

Graffiti Buyer, Inc.

 

08/10/27

 

Distribution

 

 

10.99

%

 

SOFR+575

 

 

1,954

 

 

 

1,925

 

 

 

1,935

 

Hancock Roofing and Construction L.L.C.

 

12/31/26

 

Insurance

 

 

10.93

%

 

SOFR+550

 

 

6,423

 

 

 

6,423

 

 

 

6,262

 

Holdco Sands Intermediate, LLC

 

11/23/28

 

Aerospace and Defense

 

 

11.32

%

 

SOFR+600

 

 

19,717

 

 

 

19,388

 

 

 

19,717

 

HV Watterson Holdings, LLC

 

12/17/26

 

Business Services

 

 

11.79

%

 

SOFR+600

 

 

15,140

 

 

 

14,974

 

 

 

15,110

 

HW Holdco, LLC

 

12/10/24

 

Media

 

 

11.70

%

 

SOFR+625

 

 

14,250

 

 

 

14,171

 

 

 

14,036

 

IG Investments Holdings, LLC

 

09/22/28

 

Business Services

 

 

11.45

%

 

SOFR+600

 

 

4,428

 

 

 

4,355

 

 

 

4,362

 

Imagine Acquisitionco, LLC

 

11/15/27

 

Business Services

 

 

10.72

%

 

SOFR+550

 

 

5,565

 

 

 

5,481

 

 

 

5,482

 

Inception Fertility Ventures, LLC

 

12/31/24

 

Healthcare, Education and Childcare

 

 

12.50

%

 

SOFR+715

 

 

19,737

 

 

 

19,410

 

 

 

19,737

 

Infinity Home Services Holdco, Inc.

 

12/28/28

 

Personal, Food and Miscellaneous Services

 

 

12.24

%

 

SOFR+685

 

 

11,053

 

 

 

10,867

 

 

 

11,053

 

Infolinks Media Buyco, LLC

 

11/01/26

 

Media

 

 

11.17

%

 

SOFR+575

 

 

6,364

 

 

 

6,364

 

 

 

6,364

 

Integrity Marketing Acquisition, LLC

 

08/27/26

 

Insurance

 

 

11.57

%

 

SOFR+575

 

 

19,701

 

 

 

19,639

 

 

 

19,504

 

K2 Pure Solutions NoCal, L.P.

 

12/20/23

 

Chemicals, Plastics and Rubber

 

 

13.42

%

 

SOFR+800

 

 

12,061

 

 

 

12,040

 

 

 

12,061

 

Kinetic Purchaser, LLC

 

11/10/27

 

Consumer Products

 

 

11.54

%

 

SOFR+615

 

 

16,920

 

 

 

16,641

 

 

 

16,666

 

LAV Gear Holdings, Inc.

 

10/31/24

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

11.46

%

 

SOFR+565

 

 

4,658

 

 

 

4,631

 

 

 

4,603

 

Lash OpCo, LLC

 

02/18/27

 

Consumer Products

 

 

12.13

%

 

SOFR+700

 

 

19,723

 

 

 

19,565

 

 

 

19,526

 

Lightspeed Buyer Inc.

 

02/03/26

 

Healthcare, Education and Childcare

 

 

10.67

%

 

SOFR+575

 

 

12,218

 

 

 

12,056

 

 

 

12,096

 

LJ Avalon Holdings, LLC

 

01/31/30

 

Environmental Services

 

 

11.77

%

 

SOFR+665

 

 

6,318

 

 

 

6,206

 

 

 

6,192

 

MAG DS Corp.

 

04/01/27

 

Aerospace and Defense

 

 

10.99

%

 

SOFR+550

 

 

7,601

 

 

 

7,153

 

 

 

7,202

 

Magenta Buyer, LLC

 

07/31/28

 

Software

 

 

10.63

%

 

SOFR+500

 

 

3,785

 

 

 

3,550

 

 

 

2,805

 

Mars Acquisition Holdings Corp.

 

05/14/26

 

Media

 

 

11.04

%

 

SOFR+550

 

 

10,885

 

 

 

10,811

 

 

 

10,776

 

MBS Holdings, Inc.

 

04/16/27

 

Telecommunications

 

 

11.22

%

 

SOFR+575

 

 

7,859

 

 

 

7,780

 

 

 

7,749

 

Meadowlark Acquirer, LLC

 

12/10/27

 

Business Services

 

 

10.58

%

 

SOFR+550

 

 

2,958

 

 

 

2,911

 

 

 

2,884

 

Municipal Emergency Services, Inc.

 

10/01/27

 

Distribution

 

 

11.04

%

 

SOFR+550

 

 

5,975

 

 

 

5,860

 

 

 

5,843

 

NBH Group LLC

 

08/19/26

 

Healthcare, Education and Childcare

 

 

10.93

%

 

SOFR+525

 

 

7,429

 

 

 

7,369

 

 

 

7,280

 

Neptune Flood Incorporated

 

05/09/29

 

Financial Services

 

 

11.97

%

 

SOFR+660

 

 

8,020

 

 

 

7,910

 

 

 

8,020

 

One Stop Mailing, LLC

 

05/07/27

 

Transportation

 

 

11.68

%

 

SOFR+625

 

 

8,470

 

 

 

8,311

 

 

 

8,470

 

Owl Acquisition, LLC

 

02/04/28

 

Education

 

 

10.80

%

 

SOFR+575

 

 

3,893

 

 

 

3,794

 

 

 

3,834

 

Ox Two, LLC (New Issue)

 

05/18/26

 

Distribution

 

 

12.90

%

 

SOFR+725

 

 

4,378

 

 

 

4,343

 

 

 

4,301

 

Pequod Merger Sub, Inc.

 

12/02/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.79

%

 

SOFR+640

 

 

11,474

 

 

 

11,267

 

 

 

11,244

 

PL Acquisitionco, LLC

 

11/09/27

 

Retail

 

 

12.42

%

 

SOFR+700

 

 

7,930

 

 

 

7,818

 

 

 

7,137

 

PlayPower, Inc.

 

05/08/26

 

Consumer Products

 

 

10.92

%

 

SOFR+565

 

 

2,551

 

 

 

2,481

 

 

 

2,436

 

Quantic Electronics, LLC

 

11/19/26

 

Aerospace and Defense

 

 

11.74

%

 

SOFR+625

 

 

3,314

 

 

 

3,267

 

 

 

3,264

 

Radius Aerospace, Inc.

 

03/31/25

 

Aerospace and Defense

 

 

11.29

%

 

SOFR+575

 

 

12,703

 

 

 

12,641

 

 

 

12,576

 

Rancho Health MSO, Inc.

 

12/18/25

 

Healthcare, Education and Childcare

 

 

11.22

%

 

SOFR+550

 

 

5,603

 

 

 

5,603

 

 

 

5,603

 

Reception Purchaser, LLC

 

4/28/2028

 

Transportation

 

 

11.54

%

 

SOFR+600

 

 

5,000

 

 

 

4,937

 

 

 

4,800

 

Recteq, LLC

 

1/29/2026

 

Consumer Products

 

 

12.54

%

 

SOFR+700

 

 

9,750

 

 

 

9,655

 

 

 

9,458

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

11.13

%

 

SOFR+550

 

 

14,389

 

 

 

14,332

 

 

 

12,591

 

Riverpoint Medical, LLC

 

6/20/2025

 

Healthcare, Education and Childcare

 

 

10.54

%

 

SOFR+575

 

 

3,176

 

 

 

3,162

 

 

 

3,131

 

Riverside Assessments, LLC

 

3/10/2025

 

Education

 

 

11.29

%

 

SOFR+625

 

 

10,895

 

 

 

10,834

 

 

 

10,786

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)

 

6/16/2029

 

Professional Services

 

 

11.52

%

 

SOFR+625

 

 

3,749

 

 

 

3,678

 

 

 

3,692

 

 

 

29


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

 

 

 

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Sales Benchmark Index LLC

 

1/3/2025

 

Business Services

 

 

11.59

%

 

SOFR+600

 

 

6,859

 

 

$

6,815

 

 

$

6,825

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

Electronics

 

 

12.92

%

 

SOFR+750

 

 

4,872

 

 

 

4,872

 

 

 

4,823

 

Seaway Buyer, LLC

 

6/13/2029

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

SOFR+605

 

 

14,850

 

 

 

14,633

 

 

 

14,405

 

Signature Systems Holding Company

 

5/3/2024

 

Chemicals, Plastics and Rubber

 

 

12.04

%

 

SOFR+650

 

 

11,201

 

 

 

11,173

 

 

 

11,201

 

Skopima Consilio Parent, LLC

 

5/17/2028

 

Business Services

 

 

9.93

%

 

SOFR+450

 

 

1,300

 

 

 

1,274

 

 

 

1,272

 

Solutionreach, Inc.

 

7/17/2025

 

Communications

 

 

12.37

%

 

SOFR+700

 

 

9,239

 

 

 

9,206

 

 

 

9,202

 

SpendMend Holdings, LLC

 

3/1/2028

 

Business Services

 

 

11.04

%

 

SOFR+575

 

 

9,607

 

 

 

9,352

 

 

 

9,396

 

STV Group Incorporated

 

12/11/2026

 

Transportation

 

 

10.67

%

 

SOFR+525

 

 

12,099

 

 

 

12,045

 

 

 

11,857

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

10.43

%

 

SOFR+475

 

 

3,572

 

 

 

3,389

 

 

 

3,559

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

Aerospace and Defense

 

 

11.49

%

 

SOFR+600

 

 

15,966

 

 

 

15,695

 

 

 

15,790

 

Team Services Group, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

10.75

%

 

SOFR+515

 

 

2,688

 

 

 

2,584

 

 

 

2,627

 

Teneo Holdings LLC

 

7/18/2025

 

Financial Services

 

 

10.67

%

 

SOFR+525

 

 

2,936

 

 

 

2,927

 

 

 

2,931

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

12.04

%

 

SOFR+650

 

 

11,095

 

 

 

11,008

 

 

 

10,929

 

The Bluebird Group LLC

 

7/27/2026

 

Business Services

 

 

12.79

%

 

SOFR+725

 

 

7,855

 

 

 

7,872

 

 

 

7,823

 

The Vertex Companies, LLC

 

8/31/2027

 

Business Services

 

 

11.70

%

 

SOFR+635

 

 

7,690

 

 

 

7,596

 

 

 

7,628

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

Food

 

 

10.68

%

 

SOFR+550

 

 

5,479

 

 

 

5,378

 

 

 

5,479

 

TWS Acquisition Corporation

 

6/6/2025

 

Education

 

 

11.80

%

 

SOFR+625

 

 

7,177

 

 

 

7,161

 

 

 

7,177

 

Tyto Athene, LLC

 

4/3/2028

 

Aerospace and Defense

 

 

10.90

%

 

SOFR+550

 

 

11,393

 

 

 

11,285

 

 

 

10,391

 

Urology Management Holdings, Inc.

 

6/15/2026

 

Healthcare, Education and Childcare

 

 

11.79

%

 

SOFR+625

 

 

3,860

 

 

 

3,792

 

 

 

3,780

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

Electronics

 

 

10.54

%

 

SOFR+515

 

 

11,386

 

 

 

11,323

 

 

 

11,272

 

Zips Car Wash, LLC

 

3/1/2024

 

Business Services

 

 

12.67

%

 

SOFR+725

 

 

19,682

 

 

 

19,582

 

 

 

19,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

810,737

 

 

 

804,187

 

Total Investments - 783.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 57.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,096

 

 

 

59,096

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,096

 

 

 

59,096

 

Total Investments and Cash Equivalents - 841.3%

 

 

 

 

 

 

 

 

 

$

869,833

 

 

$

863,283

 

Liabilities in Excess of Other Assets — (741.3)%

 

 

 

 

 

 

 

 

 

 

 

 

 

(760,665

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

102,618

 

 

 

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR” or Prime rate or
“P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically
indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a
spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.
(3)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an
index while it is unfunded.

 

 

Below are the consolidated statements of assets and liabilities for PSLF ($ in thousands):

 

 

 

December 31, 2023 (Unaudited)

 

 

September 30, 2023

 

Assets

 

 

 

 

 

 

Investments at fair value (amortized cost—$863,478 and $810,737, respectively)

 

$

857,885

 

 

$

804,187

 

Cash and cash equivalents (cost—$54,996 and $59,096, respectively)

 

 

54,996

 

 

 

59,096

 

Interest receivable

 

 

5,738

 

 

 

5,248

 

Due from affiliate

 

 

1,358

 

 

 

3,296

 

Prepaid expenses and other assets

 

 

710

 

 

 

936

 

Total assets

 

 

920,687

 

 

 

872,763

 

Liabilities

 

 

 

 

 

 

2034 Asset-backed debt, net (par—$246,000)

 

 

244,381

 

 

 

244,284

 

2035 Asset-backed debt, net (par—$246,000)

 

 

243,825

 

 

 

243,727

 

Notes payable to members

 

 

169,131

 

 

 

169,131

 

Credit facility payable

 

 

131,600

 

 

 

88,600

 

Interest payable on credit facility and asset backed debt

 

 

15,495

 

 

 

10,421

 

Distribution payable to members

 

 

7,750

 

 

 

7,250

 

Interest payable on notes to members

 

 

3,959

 

 

 

3,895

 

Accounts payable and accrued expenses

 

 

737

 

 

 

835

 

Payable for investments purchased

 

 

 

 

 

2,002

 

Total liabilities

 

 

816,878

 

 

 

770,145

 

Commitments and contingencies

 

 

 

 

 

 

Members' equity

 

 

103,809

 

 

 

102,618

 

Total liabilities and members' equity

 

$

920,687

 

 

$

872,763

 

 

———————————

(1)
As of December 31, 2023 and September 30, 2023, PSLF had zero and $0.5 million, respectively, of unfunded commitments to fund investments

 

 

 

 

30


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

 

Below are the consolidated statements of operations for PSLF ($ in thousands):

 

 

 

 

Three Months Ended December 31,

 

 

 

 

2023

 

 

2022

 

Investment income:

 

 

 

 

 

 

 

Interest

 

 

$

27,107

 

 

$

18,845

 

Other income

 

 

 

140

 

 

 

97

 

Total investment income

 

 

 

27,247

 

 

 

18,942

 

Expenses: (1)

 

 

 

 

 

 

 

Interest expense on credit facility and asset-backed debt

 

 

 

12,640

 

 

 

7,815

 

Interest expense on notes to members

 

 

 

5,844

 

 

 

4,723

 

Administration fees

 

 

 

568

 

 

 

727

 

General and administrative expenses

 

 

 

197

 

 

 

114

 

Total expenses

 

 

 

19,249

 

 

 

13,379

 

Net investment income

 

 

 

7,998

 

 

 

5,563

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

 

 

 

 

(33

)

Net change in unrealized appreciation (depreciation) on investments

 

 

 

943

 

 

 

(3,922

)

Net realized and unrealized gain (loss) on investments

 

 

 

943

 

 

 

(3,955

)

Net increase (decrease) in members' equity resulting from operations

 

 

$

8,941

 

 

$

1,608

 

———————————

(1) No management or incentive fees are payable by PSLF.

 

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

 

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

 

Level 1:

Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

 

 

Level 2:

Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

 

 

Level 3:

Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

 

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments and our Truist Credit Facility are classified as Level 3. Our 2026 Notes and 2026 Notes-2 are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence were available. Corroborating evidence that would result in classifying these non-binding broker/dealer bids as a Level 2 asset includes observable orderly market-based transactions for the same or similar assets or other relevant observable market-based inputs that may be used in pricing an asset.

 

Our investments are generally structured as debt and equity investments in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. The transaction price, excluding transaction costs, is typically the best estimate of fair value at inception. Ongoing reviews by our Investment Adviser and independent valuation firms are based on an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information including comparable transactions, performance multiples and yields, among other factors. These non-public investments valued using unobservable inputs are included in Level 3 of the fair value hierarchy.

 

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in our ability to observe valuation inputs may result in a reclassification for certain financial assets or liabilities.

In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes, our 2026 Notes -2 and our Truist Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

 

 

 

31


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

As outlined in the table below, some of our Level 3 investments using a market approach valuation technique are valued using the average of the bids from brokers or dealers. The bids include a disclaimer, may not have corroborating evidence, may be the result of a disorderly transaction and may be the result of consensus pricing. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such bids do not reflect the fair value of an investment, it may independently value such investment by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available. In accordance with ASC 820, we do not categorize any investments for which fair value is measured using the net asset value per share within the fair value hierarchy.

 

The remainder of our investment portfolio and our long-term Truist Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in an earnings before interest, taxes, depreciation and amortization, or EBITDA, multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.

 

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes:

 

Asset Category ($ in thousands)

 

Fair value at
December 31, 2023

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
 (1)

First lien

 

$

13,996

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

663,707

 

 

Market Comparable

 

Market yield

 

7.0% - 27.1% (11.0%)

Second lien

 

 

2,876

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

Second lien

 

 

11,509

 

 

Enterprise Market Value

 

EBITDA multiple

 

6.3x - 7.0x (7.0x)

Second lien

 

 

64,045

 

 

Market Comparable

 

Market yield

 

14.0% - 15.4% (14.3%)

Subordinated debt / corporate notes

 

 

151,077

 

 

Market Comparable

 

Market yield

 

13.4% - 17.7% (14.5%)

Equity

 

 

177,987

 

 

Enterprise Market Value

 

EBITDA multiple

 

0.5x - 17.5x (10.6x)

Equity

 

 

267

 

 

Enterprise Market Value

 

DLOM(2)

 

14.3%

Total Level 3 investments

 

$

1,085,464

 

 

 

 

 

 

 

Debt Category ($ in thousands)

 

 

 

 

 

 

 

 

 

Truist Credit Facility

 

$

385,016

 

 

Market Comparable

 

Market yield

 

2.2%

 

(1)
The weighted averages disclosed in the table above were weighted by their relative fair value.
(2)
DLOM is defined as discount for lack of marketability.

 

Asset Category ($ in thousands)

 

Fair value at
September 30, 2023

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
(1)

First lien

 

$

15,090

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

512,567

 

 

Market Comparable

 

Market yield

 

7.0% – 25.0% (11.4%)

Second lien

 

 

9,512

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

Second lien

 

 

70,884

 

 

Market Comparable

 

Market yield

 

14.2% - 20.8% (15.9%)

Subordinated debt / corporate notes

 

 

156,222

 

 

Market Comparable

 

Market yield

 

13.4% - 18.8% (14.3%)

Equity

 

 

161,895

 

 

Enterprise Market Value

 

EBITDA multiple

 

0.5x - 17.7x (10.9x)

Equity

 

 

1,158

 

 

Enterprise Market Value

 

DLOM(2)

 

27.9%

Total Level 3 investments

 

$

927,328

 

 

 

 

 

 

 

Debt Category ($ in thousands)

 

 

 

 

 

 

 

 

 

Truist Credit Facility

 

$

206,940

 

 

Market Comparable

 

Market yield

 

2.4%

 

 

1.
The weighted averages disclosed in the table above were weighted by their relative fair value.
2.
DLOM is defined as discount for lack of marketability.

 

 

 

32


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

Our investments, cash and cash equivalents, Truist Credit Facility, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy:

 

 

 

Fair value at
December 31, 2023

 

Description ($ in thousands)

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net Asset Value (1)

 

Debt investments

 

$

907,208

 

 

$

 

 

$

 

 

$

907,208

 

 

$

 

U.S. Government Securities(3)

 

 

49,846

 

 

 

 

 

 

49,846

 

 

 

 

 

 

 

Equity investments

 

 

253,704

 

 

 

 

 

 

 

 

 

178,256

 

 

 

75,448

 

Total investments

 

 

1,210,758

 

 

 

 

 

 

49,846

 

 

 

1,085,464

 

 

 

75,448

 

Cash and cash equivalents

 

 

36,893

 

 

 

36,893

 

 

 

 

 

 

 

 

 

 

Total investments and cash and cash equivalents

 

$

1,247,651

 

 

$

36,893

 

 

$

49,846

 

 

$

1,085,464

 

 

$

75,448

 

Truist Credit Facility

 

$

385,016

 

 

$

 

 

$

 

 

$

385,016

 

 

$

 

2026 Notes(2)

 

 

147,894

 

 

 

 

 

 

147,894

 

 

 

 

 

 

 

2026 Notes-2(2)

 

 

162,440

 

 

 

 

 

 

162,440

 

 

 

 

 

 

 

Total debt

 

$

695,350

 

 

$

 

 

$

310,334

 

 

$

385,016

 

 

$

 

 

(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.
(2)
We elected not to apply ASC 825-10 to the 2026 Notes and the 2026 Notes-2, and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.
(3)
Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.

 

 

 

Fair Value at September 30, 2023

 

Description ($ in thousands)

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net Asset Value (1)

 

Debt investments

 

$

764,275

 

 

$

 

 

$

 

 

$

764,275

 

 

$

 

U.S. Government Securities(3)

 

 

99,751

 

 

 

 

 

 

99,751

 

 

 

 

 

 

 

Equity investments

 

 

237,621

 

 

 

 

 

 

 

 

 

163,053

 

 

 

74,568

 

Total investments

 

 

1,101,647

 

 

 

 

 

 

99,751

 

 

 

927,328

 

 

 

74,568

 

Cash and cash equivalents

 

 

38,775

 

 

 

38,775

 

 

 

 

 

 

 

 

 

 

Total investments and cash and cash equivalents

 

$

1,140,422

 

 

$

38,775

 

 

$

99,751

 

 

$

927,328

 

 

$

74,568

 

Truist Credit Facility

 

$

206,940

 

 

$

 

 

$

 

 

$

206,940

 

 

$

 

2026 Notes(2)

 

 

147,669

 

 

 

 

 

 

147,669

 

 

 

 

 

 

 

2026 Notes-2(2)

 

 

162,226

 

 

 

 

 

 

162,226

 

 

 

 

 

 

 

Total debt

 

$

516,835

 

 

$

 

 

$

309,895

 

 

$

206,940

 

 

$

 

 

(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.
(2)
We elected not to apply ASC 825-10 to the SBA debentures and the 2026 Notes and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. As of September 30, 2023, the carrying value of the SBA debentures approximates the fair value.
(3)
Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3):

 

 

 

Three Months Ended December 31, 2023

 

Description ($ in thousands)

 

Debt
 investments

 

 

Equity
 investments

 

 

Totals

 

Beginning balance

 

$

764,275

 

 

$

163,053

 

 

$

927,328

 

Net realized gain (loss)

 

 

(5

)

 

 

2,563

 

 

 

2,558

 

Net change in unrealized appreciation (depreciation)

 

 

(6,208

)

 

 

318

 

 

 

(5,890

)

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

217,360

 

 

 

15,046

 

 

 

232,406

 

Sales, repayments and non-cash exchanges

 

 

(68,214

)

 

 

(2,724

)

 

 

(70,938

)

Transfers in/out of Level 3

 

 

 

 

 

 

 

 

 

Ending balance

 

$

907,208

 

 

$

178,256

 

 

$

1,085,464

 

Net change in unrealized appreciation reported within the net change in
   unrealized appreciation on investments in our consolidated statements of operations
   attributable to our Level 3 assets still held at the reporting date

 

$

(6,333

)

 

$

2,708

 

 

$

(3,625

)

 

 

 

Three Months Ended December 31, 2022

 

Description ($ in thousands)

 

Debt
 investments

 

 

Equity
 investments

 

 

Totals

 

Beginning balance

 

$

902,165

 

 

$

257,162

 

 

$

1,159,327

 

Net realized gain (loss)

 

 

42

 

 

 

4,024

 

 

 

4,066

 

Net change in unrealized appreciation (depreciation)

 

 

(5,885

)

 

 

(83,427

)

 

 

(89,312

)

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

68,890

 

 

 

14,379

 

 

 

83,269

 

Sales, repayments and non-cash exchanges

 

 

(24,590

)

 

 

(6,030

)

 

 

(30,620

)

Transfers in/out of Level 3

 

 

 

 

 

 

 

 

 

Ending balance

 

$

940,622

 

 

$

186,108

 

 

$

1,126,730

 

Net change in unrealized appreciation reported within the net change in
   unrealized appreciation on investments in our consolidated statements of operations
   attributable to our Level 3 assets still held at the reporting date

 

$

(5,667

)

 

$

(83,580

)

 

$

(89,247

)

 

 

33


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

 

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3):

 

 

 

Three months ended December 31,

 

Long-Term Credit Facility

 

2023

 

 

2022

 

Beginning balance (cost – $212,420 and $385,920, respectively)

 

$

206,940

 

 

$

376,687

 

Net change in unrealized appreciation (depreciation) included in earnings

 

 

2,040

 

 

 

(4,379

)

Borrowings (1)

 

 

228,036

 

 

 

44,000

 

Repayments (1)

 

 

(52,000

)

 

 

(49,000

)

Transfers in and/or out of Level 3

 

 

 

 

 

 

Ending balance (cost – $388,456 and $380,920, respectively)

 

$

385,016

 

 

$

367,308

 

Temporary draws outstanding, at cost

 

 

 

 

 

 

Ending balance (cost – $388,456 and $380,920, respectively)

 

$

385,016

 

 

$

367,308

 

 

(1)
Excludes temporary draws.

As of December 31, 2023, we had outstanding non-U.S. dollar borrowings on our Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below ($ in thousands):

 

Foreign Currency

 

Amount Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Change in Fair Value

 

British Pound

 

£

36,000

 

 

$

49,420

 

 

$

45,893

 

 

March 27, 2024

 

$

(3,527

)

Canadian dollar

 

$

2,800

 

 

$

2,036

 

 

$

2,123

 

 

January 16, 2024

 

$

87

 

 

As of September 30, 2023, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below ($ in thousands):

 

Foreign Currency

 

Amount Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Change in Fair Value

 

British Pound

 

£

36,000

 

 

$

49,420

 

 

$

43,940

 

 

December 28, 2023

 

$

(5,480

)

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to our Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Truist Credit Facility during the three months ended December 31, 2023 and 2022. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires us to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility is reported in our Consolidated Statements of Operations. We did not elect to apply ASC 825-10 to any other financial assets or liabilities, including the, 2026 Notes, and 2026 Notes-2.

 

For the three months ended December 31, 2023 and 2022, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation of $(2.0) million and $4.4 million, respectively. As of December 31, 2023 and September 30, 2023, the net unrealized depreciation on the Truist Credit Facility totaled $3.4 million and $5.5 million, respectively. We use an independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

 

 

 

34


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

 

6. TRANSACTIONS WITH AFFILIATED COMPANIES

 

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but 25% or less of its voting securities and a controlled affiliate when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the three months ended December 31, 2023 were as follows ($ in thousands):

 

Name of Investment

 

Fair Value at
September 30, 2023

 

 

Gross
Additions
(1)

 

 

Gross
Reductions

 

 

Net Change in
Appreciation /
(Depreciation)

 

 

Fair Value at December 31, 2023

 

 

Interest
Income

 

 

PIK
Income

 

 

Dividend Income

 

 

Net Realized
Gains
(Losses)

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited

 

$

51,660

 

 

$

632

 

 

$

 

 

$

2,780

 

 

$

55,072

 

 

$

967

 

 

$

632

 

 

$

 

 

$

 

JF Intermediate, LLC (MidOcean JF Holdings Corp.) (2)

 

 

8,759

 

 

 

51,705

 

 

 

 

 

 

10,020

 

 

 

70,484

 

 

 

1,016

 

 

 

 

 

 

 

 

 

 

Mailsouth Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Loan Fund, LLC (3)

 

 

164,408

 

 

 

 

 

 

 

 

 

720

 

 

 

165,128

 

 

 

3,498

 

 

 

 

 

 

4,689

 

 

 

 

RAM Energy LLC (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(750

)

Total Controlled Affiliates

 

$

224,827

 

 

$

52,337

 

 

$

 

 

$

13,520

 

 

$

290,684

 

 

$

5,481

 

 

$

632

 

 

$

4,689

 

 

$

(750

)

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

$

32,105

 

 

$

 

 

$

 

 

$

(2,462

)

 

$

29,643

 

 

$

 

 

$

 

 

$

 

 

$

 

Walker Edison Furniture Company LLC

 

 

13,907

 

 

 

1,013

 

 

 

 

 

 

(3,734

)

 

 

11,186

 

 

 

 

 

 

347

 

 

 

 

 

 

 

 Total Non-Controlled Affiliates

 

$

46,012

 

 

$

1,013

 

 

$

 

 

$

(6,196

)

 

$

40,829

 

 

$

 

 

$

347

 

 

$

 

 

$

 

Total Controlled and
   Non-Controlled Affiliates

 

$

270,839

 

 

$

53,350

 

 

$

 

 

$

7,324

 

 

$

331,513

 

 

$

5,481

 

 

$

979

 

 

$

4,689

 

 

$

(750

)

 

(1)
Includes PIK.
(2)
JF Intermediate, LLC became a controlled affiliate during the quarter end December 31, 2023.
(3)
We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise.
(4)
RAM Energy LLC was fully realized in January 2023, during the quarter ended December 31, 2023 there was realized loss due to reduction of the escrow receivable.

 

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

 

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations ($ in thousands, except per share data):

 

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

2022

 

Numerator for net increase (decrease) in net assets resulting from operations

 

$

10,653

 

 

$

(71,894

)

Denominator for basic and diluted weighted average shares

 

 

65,224,500

 

 

 

65,224,500

 

Basic and diluted net increase (decrease) in net assets per share resulting from operations

 

$

0.16

 

 

$

(1.10

)

 

8. CASH AND CASH EQUIVALENTS

 

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings and for other general corporate purposes. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which is dependent upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser’s management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of December 31, 2023 and September 30, 2023, cash and cash equivalents consisted of money market funds, and non-money market in the amounts of $36.9 million and $38.8 million at fair value, respectively.

 

 

35


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

9. FINANCIAL HIGHLIGHTS

 

Below are the financial highlights ($ in thousands, except share and per share data):

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

2022

 

Per Share Data:

 

 

 

 

 

 

Net asset value, beginning of period

 

$

7.70

 

 

$

8.98

 

Net investment income (1)

 

 

0.24

 

 

 

0.16

 

Net change in realized and unrealized gain (loss) (1)

 

 

(0.08

)

 

 

(1.26

)

Net increase (decrease) in net assets resulting from operations (1)

 

 

0.16

 

 

 

(1.10

)

Distributions to stockholders (1), (2)

 

 

(0.21

)

 

 

(0.17

)

Repurchase of common stock (1)

 

 

 

 

 

 

Net asset value, end of period

 

$

7.65

 

 

$

7.71

 

Per share market value, end of period

 

$

6.91

 

 

$

5.75

 

Total return* (3)

 

 

8.44

%

 

 

8.34

%

Shares outstanding at end of period

 

 

65,224,500

 

 

 

65,224,500

 

Ratios** / Supplemental Data:

 

 

 

 

 

 

Ratio of operating expenses to average net assets (4)

 

 

7.28

%

 

 

7.13

%

Ratio of debt related expenses to average net assets (5)

 

 

7.63

%

 

 

7.01

%

Ratio of total expenses to average net assets (5)

 

 

14.91

%

 

 

14.14

%

Ratio of net investment income to average net assets (5)

 

 

12.50

%

 

 

7.44

%

Net assets at end of period

 

$

499,142

 

 

$

502,909

 

Weighted average debt outstanding

 

$

597,756

 

 

$

694,152

 

Weighted average debt per share (1)

 

$

9.16

 

 

$

10.64

 

Asset coverage per unit (6)

 

$

1,706

 

 

$

1,709

 

Portfolio turnover ratio* (7)

 

 

5.34

%

 

 

1.90

%

* Not annualized for periods less than one year.

**Re-occurring investment income and expenses included in these ratios are annualized for periods less than one year.

***The expense and investment income ratios do not reflect the Company's proportionate share of income and expenses of PSLF and PTSF II.

(1)
Based on the weighted average shares outstanding for the respective periods.
(2)
The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.
(3)
Based on the change in market price per share during the periods and assumes distributions, if any, are reinvested.
(4)
Excludes debt-related costs.
(5)
Includes interest and expenses on debt (annualized) as well as Credit Facility amendment, debt issuance costs and excludes debt extinguishment cost, if any, (not annualized).
(6)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. These amounts exclude SBA debentures from our asset coverage per unit computation pursuant to exemptive relief received from the SEC in June 2011.
(7)
Excludes short-term U.S. Government Securities

 

10. DEBT

 

The annualized weighted average cost of debt for the three months ended December 31, 2023 and 2022, inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility and amortized upfront fees on SBA debentures, 2026 Notes and 2026 Notes-2, was 6.4% and 5.5%, respectively. As of December 31, 2023, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio after such borrowing.

 

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements. As of December 31, 2023 and September 30, 2023, our asset coverage ratio, as computed in accordance with the 1940 Act, was 171% and 195%, respectively.

 

Truist Credit Facility

 

As of December 31, 2023, we had the multi-currency Truist Credit Facility for up to $475.0 million (decreased from $500.0 million in September 2023), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank, acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of December 31, 2023 and September 30, 2023, we had $388.5 million and $212.4 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 7.7% and 7.7%, respectively, exclusive of the fee on undrawn commitment, as of December 31, 2023 and September 30, 2023. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 and the related obligations maturing on September 4, 2024) and pricing set at 235 basis points over SOFR (or an alternative risk-free floating interest rate index). As of December 31, 2023 and September 30, 2023, we had $86.5 million and $262.6 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets. As of December 31, 2023, we were in compliance with the terms of the Truist Credit Facility.

 

 

 

 

36


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2023

 

SBA Debentures

 

SBIC II was historically able to borrow funds from the SBA against regulatory capital (which approximates equity capital) that is paid-in and is subject to customary regulatory requirements including an examination by the SBA. We previously funded SBIC II with $75.0 million of equity capital and it had SBA debentures outstanding of zero as of December 31, 2023 and September 30, 2023, respectively. SBA debentures are non-recourse to us and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. Under current SBA regulations, a SBIC may individually borrow up to a maximum of $175.0 million, which is up to twice its potential regulatory capital, and as part of a group of SBICs under common control may borrow a maximum of $350 million in the aggregate. As of both December 31, 2023 and September 30, 2023, SBIC II had zero in debt commitments, all of which was drawn as of September 30, 2022. We repaid the remaining SBA debentures during the year ended September 30, 2023.

 

2026 Notes

 

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

 

2026 Notes-2

 

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.4%. Interest on the 2026 Notes-2 is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

 

11. COMMITMENTS AND CONTINGENCIES

 

From time to time, we, may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

 

Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. Under these arrangements, we may be required to supply a letter of credit to a third party if the portfolio company were to request a letter of credit. As of December 31, 2023 and September 30, 2023, we had $236.9 million and $160.8 million, respectively, in commitments to fund investments. Additionally, the Company had unfunded commitments of up to $22.4 million to PSLF as of December 31, 2023 and September 30, 2023, respectively, that may be contributed primarily for the purpose of funding new investments approved by PSLF board of directors or investment committee.

 

12. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

 

We must determine which, if any, of our unconsolidated controlled portfolio companies is a "significant subsidiary" within the meaning of Regulation S-X. We have determined that, as of September 30, 2023, PennantPark Senior Loan Fund, LLC triggered at least one of the significance tests. As a result and in accordance with Rule 3-09 of Regulation S-X, separate audited financial statements of PSLF, LLC for the years ended September 30, 2023, 2022, and 2021 were filed as exhibits to our Annual Report on Form 10-K for the fiscal year ended September 30, 2023.

 

 

 

 

 

 

 

37


 

Report of Independent Registered Public Accounting Firm

 

To the Stockholders and the Board of Directors of PennantPark Investment Corporation and its Subsidiaries

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated statement of assets and liabilities of PennantPark Investment Corporation and its subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2023, the related consolidated statements of operations and changes in net assets for the three-month periods ended December 31, 2023 and 2022, and cash flows for the three-month periods ended December 31, 2023 and 2022, and the related notes to the consolidated financial statements (collectively, the interim financial information or financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of September 30, 2023, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated December 7, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of September 30, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

Emphasis of Matter

As discussed in Note 2 of the consolidated financial statements, the consolidated statement of cash flows for the three months ended December 31, 2022 has been restated to reclassify certain amounts presented within.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

 

 

 

/s/ RSM US LLP
 

New York, New York

February 7, 2024
 

 

 

38


 

Awareness Letter of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of PennantPark Investment Corporation and its Subsidiaries

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of PennantPark Investment Corporation for the periods ended December 31, 2023 and 2022, as indicated in our report dated February 7, 2024; because we did not perform an audit, we expressed no opinion on that information.



We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, is incorporated by reference in Registration Statement No. 333-263564 on Form N-2.



We are also aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.

/s/ RSM US LLP

New York, New York

February 7, 2024

 

39


 

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

This Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to us and our consolidated subsidiaries regarding future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Report involve risks and uncertainties, including statements as to:

our future operating results;

 

our business prospects and the prospects of our prospective portfolio companies;

 

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

 

the dependence of our future success on the general economy and its impact on the industries in which we invest;

the impact of a protracted decline in the liquidity of credit markets on our business;

the impact of investments that we expect to make;

the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies;

our contractual arrangements and relationships with third parties;

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

the ability of our prospective portfolio companies to achieve their objectives;

our expected financings and investments;

the adequacy of our cash resources and working capital;

the timing of cash flows, if any, from the operations of our prospective portfolio companies;

the impact of price and volume fluctuations in the stock market;

 

increasing levels of inflation, and its impact on us and our portfolio companies;

the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;

the impact of future legislation and regulation on our business and our portfolio companies;

the impact of the ongoing invasion of Ukraine by Russia and other world economic and political issues; and

 

the inability to develop and maintain effective internal control over financial reporting.

 

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. You should not place undue influence on the forward-looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in “Risk Factors” and elsewhere in this Report.

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved.

 

We have based the forward-looking statements included in this Report on information available to us on the date of this Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including reports on Form 10-Q/K and current reports on Form 8-K.

 

You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

 

The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained elsewhere in this Report.

 

 

 

40


 

Overview

 

PennantPark Investment Corporation is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.

 

We believe middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We seek to create a diversified portfolio that includes first lien secured debt, second lien secured debt, subordinated debt and equity investments by investing approximately $10 million to $50 million of capital, on average, in the securities of middle-market companies. We expect this investment size to vary proportionately with the size of our capital base. We use the term “middle-market” to refer to companies with annual revenues between $50 million and $1 billion. The companies in which we invest are typically highly leveraged, and, in most cases, are not rated by national rating agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies. Securities rated below investment grade are often referred to as “leveraged loans” or “high yield” securities or “junk bonds” and are often higher risk compared to debt instruments that are rated above investment grade and have speculative characteristics. Our debt investments may generally range in maturity from three to ten years and are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions.

Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

 

Organization and Structure of PennantPark Investment Corporation

 

PennantPark Investment Corporation, a Maryland corporation organized in January 2007, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we have elected to be treated, and intend to qualify annually, as a RIC under the Code.

 

Our investment activities are managed by the Investment Adviser. Under our Investment Management Agreement, we have agreed to pay our Investment Adviser an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. PennantPark Investment, through the Investment Adviser, provides similar services to SBIC II under its investment management agreement. SBIC II’s investment management agreement does not affect the management and incentive fees on a consolidated basis. We have also entered into an Administration Agreement with the Administrator. Under our Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. PennantPark Investment, through the Administrator, provides similar services to SBIC II under its administration agreement with us. Our board of directors, a majority of whom are independent of us, provides overall supervision of our activities, and the Investment Adviser supervises our day-to-day activities.

 

Revenues

 

We generate revenue in the form of interest income on the debt securities we hold and capital gains and dividends, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of first lien secured debt, second lien secured debt or subordinated debt, typically have a term of three to ten years and bear interest at a fixed or a floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, our investments provide for deferred interest payments and PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of amendment, commitment, origination, structuring or diligence fees, fees for providing significant managerial assistance and possibly consulting fees. Loan origination fees, OID and market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned.

 

Expenses

 

Our primary operating expenses include interest expense on the outstanding debt and unused commitment fees on undrawn amounts, under our various debt facilities, the payment of a management fee and the payment of an incentive fee to our Investment Adviser, if any, our allocable portion of overhead under our Administration Agreement and other operating costs as detailed below. Our management fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, consummating and monitoring our investments. We bear all other direct or indirect costs and expenses of our operations and transactions, including:

 

the cost of calculating our net asset value, including the cost of any third-party valuation services;

the cost of effecting sales and repurchases of shares of our common stock and other securities;

fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses;

expenses incurred by the Investment Adviser in performing due diligence and reviews of investments; including expenses incurred by the Investment Adviser
payable to third parties (including agents and consultants) in monitoring financial and legal affairs for the Company and in monitoring the Company's
investments;

transfer agent and custodial fees;

fees and expenses associated with marketing efforts;

federal and state registration fees and any exchange listing fees;

federal, state, local and foreign taxes;

independent directors’ fees and expenses;

brokerage commissions;

 

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fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;

direct costs such as printing, mailing, long distance telephone and staff;

fees and expenses associated with independent audits and outside legal costs;

costs associated with our reporting and compliance obligations under the 1940 Act, and applicable federal and state securities laws; and

all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs.

 

Generally, during periods of asset growth, we expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities would be additive to the expenses described above.

 

Restatement of Previously Issued Financial Statement

 

As noted in the Annual Report on Form 10-K for the year ended September 30, 2023, during the preparation of the financial statements as of and for the year ended September 30, 2023, Management identified an error in the classification and presentation of cash pertaining to the Company’s affiliates – PSLF and PTSF II in the September 30, 2022 financial statements. The Company recorded cash activity and due to affiliates pertaining to their investments as a reduction of the cash account instead of presenting the related cash and cash equivalents as an asset and a due to affiliates as a liability. This misclassification also existed at December 31, 2022, and the impact of the error correction is reflected on the consolidated statement of cash flows for the three months ended December 31, 2022 as an increase to cash and cash equivalents, beginning of period totaling $2.1 million, an increase to cash and cash equivalents, end of period totaling $2.2 million, and increase in due to affiliates of $0.04 million.

 

There was no impact from the error correction to total net assets and net asset value per share as reported on the consolidated statement of assets and liabilities as of December 31, 2022. In addition, there was no impact from the error correction on net investment income or net increase (decrease) in net assets resulting from operations in total or on a per common share basis as reported on the consolidated statements of operations for the three months ended December 31, 2022. The corrections related to the prior year comparative cash flow statement amounts were reported in the quarter ended December 31, 2023.

 

As a result of the error in the classification and presentation of cash described above, we conducted an analysis to determine whether incentive-based compensation was erroneously awarded, thereby necessitating recovery under the Clawback Policy we adopted effective December 1, 2023. Because we do not pay or otherwise award incentive-based compensation to the Company’s executives, we concluded that the error did not result in erroneously-awarded incentive-based compensation, and therefore no compensation recovery is required.

 

PORTFOLIO AND INVESTMENT ACTIVITY

 

As of December 31, 2023, our portfolio totaled $1,210.8 million and consisted of $677.7 million or 56% of first lien secured debt, $49.8 million or 4% of U.S. Government Securities, $78.4 million or 7% of second lien secured debt, $151.1 million or12% of subordinated debt (including $102.3 million or 8% in PSLF) and $253.7 million or 21% of preferred and common equity (including $62.8 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 96% variable-rate investments and 4% fixed-rate investments. As of December 31, 2023, we had one portfolio company on non-accrual, representing 1.0% and zero percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $(21.3) million as of December 31, 2023. Our overall portfolio consisted of 139 companies with an average investment size of $8.4 million, had a weighted average yield on interest bearing debt investments of 12.6%.

 

As of September 30, 2023, our portfolio totaled $1,101.7 million and consisted of $527.7 million or 48% of first lien secured debt, $99.8 million or 9% of U.S. Government Securities, $80.4 million or 7% of second lien secured debt, $156.2 million or 14% of subordinated debt (including $102.3 million or 9% in PSLF) and $237.6 million or 22% of preferred and common equity (including $62.1 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 95% variable-rate investments and 5% fixed-rate investments. As of September 30, 2023, we had one portfolio company on non-accrual, representing 1.2% and zero percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $(16.3) million as of September 30, 2023. Our overall portfolio consisted of 129 companies with an average investment size of $7.8 million, had a weighted average yield on interest bearing debt investments of 13.0%.

 

For the three months ended December 31, 2023, we invested $231.1 million in 12 new and 32 existing portfolio companies with a weighted average yield on debt investments of 11.9% (excluding U.S. Government Securities). For the three months ended December 31, 2023, sales and repayments of investments totaled $71.0 million (excluding U.S. Government Securities).

 

For the three months ended December 31, 2022, we invested $86.2 million in six new and 29 existing portfolio companies with a weighted average yield on debt investments of 11.2%. For the three months ended December 31, 2022, sales and repayments of investments totaled $30.6 million

 

PennantPark Senior Loan Fund, LLC

 

As of December 31, 2023, PSLF’s portfolio totaled $857.9 million, consisted of 93 companies with an average investment size of $9.2 million and had a weighted average yield interest bearing debt investments of 12.1 %.

 

As of September 30, 2023, PSLF’s portfolio totaled $804.2 million, consisted of 90 companies with an average investment size of $8.9 million and had a weighted average yield interest bearing debt investments of 12.1 %.

 

For the three months ended December 31, 2023, PSLF invested $81.0 million (including $50.8 million were purchased from the Company) in five new and seven existing portfolio companies at weighted average yield interest bearing debt investments of 12.7%. PSLF’s sales and repayments of investments for the same period totaled $29.1 million.

 

For the three months ended December 31, 2022, PSLF invested $16.8 million (of which none was purchased from the Company) in four new and four existing portfolio companies at weighted average yield on interest bearing debt investments of 11.4%. PSLF’s sales and repayments of investments for the same period totaled $9.0 million.

 

 

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Actual results could differ from these estimates due to changes in the economic and regulatory environment, financial markets and any other parameters used in determining such estimates and assumptions, including the credit worthiness of our portfolio companies. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to ASC serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued. In addition to the discussion below, we
describe our critical accounting policies in the notes to our Consolidated Financial Statements. We discuss our critical accounting estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates during the nine months from those disclosed in our 2022 Annual Report on Form 10-K.

 

Investment Valuations

 

We expect that there may not be readily available market values for many of the investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material.

 

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

 

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;

 

(2)
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;

 

(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

 

(4)
The audit committee of our board of directors reviews the preliminary valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

 

(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

 

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

 

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

 

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

 

Level 1:

Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

 

 

Level 2:

Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

 

 

Level 3:

Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

 

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, and our are classified as Level 3. Our 2026 Notes and 2026 Notes-2 are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

 

 

 

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On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. The new rule clarifies how fund boards of directors can satisfy their valuation obligations and requires, among other things, the board of directors to periodically assess material valuation risks and take steps to manage those risks. The rule also permits boards of directors, subject to board oversight and certain other conditions, to designate the fund’s investment adviser to perform fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. We came into compliance with Rule 2a-5 under the 1940 Act before the compliance date. While our board of directors has not elected to designate the Investment Adviser as the valuation designee at this time, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act.

 

In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes, 2026 Notes-2 and our Truist Credit Facility valuations, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to our Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Truist Credit Facility for both the three months ended December 31, 2023. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility is reported in our Consolidated Statements of Operations. We elect not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes, and 2026 Notes-2.

 

For the three months ended December 31, 2023 and 2022, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation of $(2.0) million and $4.4 million, respectively. As of December 31, 2023 and September 30, 2023, the net unrealized depreciation on the Truist Credit Facility totaled $3.4 million and $5.5 million, respectively. We use a nationally recognized independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that the board of directors uses to value our investments.

 

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

 

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in fair values of our portfolio investments and our Truist Credit Facility, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

Foreign Currency Translation

 

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

 

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

 

2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

 

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

 

Payment-in-Kind, or PIK Interest

 

We have investments in our portfolio which contain a PIK interest provision. PIK interest is added to the principal balance of the investment and is recorded as income. In order for us to maintain our ability to be subject to tax as a RIC, substantially all of this income must be paid out to stockholders in the form of dividends for U.S. federal income tax purposes, even though we may not have collected any cash with respect to interest on PIK securities.

 

 

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Federal Income Taxes

 

We have elected to be treated, and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid.

 

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible U.S. federal excise tax imposed on RICs, we must distribute dividends for federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (subject to certain deferrals and elections) for the calendar year, (2) 98.2% of the excess, if any, of our capital gains over our capital losses, or capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year plus (3) the sum of any net ordinary income plus capital gain net income for preceding years that was realized but not distributed during such years and on which we did not incur any U.S. federal income tax, or the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on maintaining our ability to be subject to tax as a RIC, in order to provide us with additional liquidity.

 

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gain recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

 

For the three months ended December 31, 2023 and 2022 we recorded a provision for taxes on net investment income of $0.4 million and $2.0 million respectively, pertaining to federal excise tax.

 

The Taxable Subsidiary (PNNT Investment Holdings, LLC, wholly-owned subsidiary of the Company,) is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

 

For the three months ended December 31, 2023 and 2022, the Company recognized a provision for taxes of zero, respectively, on net realized gain (loss) on investments by the Taxable Subsidiary. For the three months ended December 31, 2023 and 2022, the Company recognized a provision for taxes of $(0.2) million and $(0.9) million, respectively, on net unrealized gain (loss) on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which is likely to be realized and unrealized during fiscal year ending September 30, 2024 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. As of December 31, 2023 and September 30, 2023, the Company recognized a provision for taxes of $0.2 million and $3.4 million, respectively, on net realized and unrealized gains on investments by the Taxable Subsidiary.

 

During the three months ended December 31, 2023 and 2022, the Company paid zero, respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. The state and local tax liability is zero as of December 31, 2023 is included under accrued other expenses in the consolidated statement of assets and liabilities.

 

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

 

The Taxable Subsidiary, which is subject to tax as a corporation, allows us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

 

RESULTS OF OPERATIONS

 

Set forth below are the results of operations for the three months ended December 31, 2023 and 2022

 

Investment Income

 

For the three months ended December 31, 2023, investment income was $34.3 million, which was attributable to $25.1 million from first lien secured debt, $2.6 million from second lien secured debt, $1.3 million from subordinated debt and $5.3 million from preferred and common equity, respectively. For the three months ended December 31, 2022, investment income was $30.0 million, which was attributable to $21.8 million from first lien secured debt, $3.8 million from second lien secured debt, $1.1 million from subordinated debt and $3.3 million from preferred and common equity, respectively. The increase in investment income compared to the same period in the prior year was primarily due to the increase in the cost of yield of our debt portfolio.

 

Expenses

 

For the three months ended December 31, 2023, expenses totaled $18.7 million and were comprised of; $9.6 million of debt related interest and expenses, $4.0 million of base management fees, $3.3 million of performance based $1.4 million of general and administrative expenses and $0.4 million of provision for excise taxes. For the three months ended December 31, 2022, expenses totaled $19.6 million and were comprised of; $9.7 million of debt-related interest and expenses, $4.6 million of base management fees, $2.2 million of performance based, incentive fees, $1.1 million of general and administrative expenses and $2.0 million of provision for excise taxes, respectively. The decrease in net expense was primarily due to the provision for excise taxes compared to the same period in the prior year.

 

Net Investment Income

 

For the three months ended December 31, 2023 and 2022, net investment income totaled $15.7 million, or $0.24 per share, and $10.3 million, or $0.16 per share, respectively. The increase in net investment income compared to the same period in the prior year was primarily due to an increase in the cost of yield our debt portfolio.

 

 

 

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Net Realized Gains or Losses

 

For the three months ended December 31, 2023 and 2022, net realized gains (losses) totaled $1.8 million and $4.1 million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

 

Unrealized Appreciation or Depreciation on Investments and Debt

 

For the three months ended December 31, 2023 and 2022, we reported net change in unrealized appreciation (depreciation) on investments of $(5.0) million and $(91.6) million, respectively. As of December 31, 2023 and September 30, 2023, the net unrealized appreciation (depreciation) on investments totaled $(21.3) million and $(16.3) million, respectively. The net change in unrealized depreciation on our investments compared to the same period in the prior year was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

 

For the three months ended December 31, 2023 and 2022, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation of $(2.0) million and $4.4 million, respectively. As of December 31, 2023 and September 30, 2023, the net unrealized depreciation on the Truist Credit Facility totaled $3.4 million and $5.5 million, respectively. Net change in unrealized appreciation compared to the same periods in the prior period was primarily due to changes in the capital markets.

 

Net Change in Net Assets Resulting from Operations

 

For the three months ended December 31, 2023 and 2022, net increase (decrease) in net assets resulting from operations totaled $10.7 million, or $0.16 per share and $(71.9) million, or $(1.10) per share, respectively. The increase in net assets from operations for the three months ended December 31, 2023 compared to prior year was primarily due to a decrease in the net unrealized depreciation in the portfolio primarily driven by changes in market conditions.
 

LIQUIDITY AND CAPITAL RESOURCES

 

Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, and income earned, proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations. As of December 31, 2023, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio requirement after such borrowing, excluding SBA debentures pursuant to exemptive relief from the SEC received in June 2011. This “Liquidity and Capital Resources” section should be read in conjunction with the "Forward-Looking Statements" section above.

 

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements.

 

As of December 31, 2023 and September 30, 2023, our asset coverage ratio, as computed in accordance with the 1940 Act was 171%% and 195%, respectively.

 

For the three months ended December 31, 2023 and 2022, the annualized weighted average cost of debt inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility, and amortized upfront fees on SBA debentures, 2026 Notes and 2026 Notes-2, was 6.4% and 5.5%, respectively.

 

As of December 31, 2023, we had the multi-currency Truist Credit Facility for up to $475.0 million (decreased from $500.0 million in September 2023), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank, acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of December 31, 2023 and September 30, 2023, we had $388.5 million and $212.4 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 7.7% and 7.7%, respectively, exclusive of the fee on undrawn commitment, as of December 31, 2023 and September 30, 2023. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 and pricing set at 235 basis points over SOFR (or an alternative risk-free floating interest rate index). As of December 31, 2023 and September 30, 2023, we had $86.5 million and $262.6 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets. As of December 31, 2023, we were in compliance with the terms of the Truist Credit Facility.

As of December 31, 2023, we had $150.0 million in aggregate principal amount of 2026 Notes outstanding. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

As of December 31, 2023, we had $165.0 million in aggregate principal amount of 2026 Notes-2 outstanding. Interest on the 2026 Notes-2 is paid semi-annually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

We may raise additional equity or debt capital through both registered offerings off our shelf registration statement and private offerings of securities, by securitizing a portion of our investments, among other sources. Any future additional debt capital we incur, to the extent it is available, may be issued at a higher cost and on less favorable terms and conditions than the Truist Credit Facility, 2026 Notes, 2026 Notes-2 and SBA debentures. Furthermore, the Truist Credit Facility availability depends on various covenants and restrictions. The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate or strategic purposes such as a stock repurchase program.

 

 

 

46


 

We have entered into certain contracts under which we have material future commitments. Under our Investment Management Agreement, which was reapproved by our board of directors (including a majority of our directors who are not interested persons of us or the Investment Adviser) in February 2023 PennantPark Investment Advisers serves as our investment adviser. Payments under our Investment Management Agreement in each reporting period are equal to (1) a management fee equal to a percentage of the value of our average adjusted gross assets and (2) an incentive fee based on our performance.

Under our Administration Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2024 the Administrator furnishes us with office facilities and administrative services necessary to conduct our day-to-day operations. The Administration Agreement was amended on July 1, 2022. If requested to provide significant managerial assistance to our portfolio companies, we or the Administrator will be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator’s overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs.

If any of our contractual obligations discussed above are terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

 

In accordance with the 1940 Act, with certain limited exceptions, PennantPark Investment is only allowed to borrow amounts such that our required 150% asset coverage ratio is met after such borrowing. As of December 31, 2023 and September 30, 2023, we excluded the principal amounts of our SBA debentures from our asset coverage ratio pursuant to SEC exemptive relief. In 2011, we received exemptive relief from the SEC allowing us to modify the asset coverage ratio requirement to exclude the SBA debentures from the calculation. Accordingly, our ratio of total assets on a consolidated basis to outstanding indebtedness may be less than 150% which, while providing increased investment flexibility, also increases our exposure to risks associated with leverage.

 

As of December 31, 2023 and September 30, 2023, we had cash and cash equivalents of $36.9 million and $38.8 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.

 

For the three months ended December 31, 2023, our operating activities used cash of $155.1 million and our financing activities provided cash of $153.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.
 

 

For the three months ended December 31, 2022, our operating activities used cash of $9.6 million and our financing activities used cash of $14.8 million. Our operating activities used cash primarily due to our investment activities and our financing activities used cash primarily due to repayments under the Truist Credit Facility.

PennantPark Senior Loan Fund, LLC

 

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture. PSLF invests primarily in middle-market and other corporate debt securities consistent with its strategy. PSLF was formed as a Delaware limited liability company. As of December 31, 2023 and September 30, 2023, PSLF had total assets of $920.7 million and $872.8 million, respectively and its investment portfolio consisted of debt investments in 93 and 90 portfolio companies, respectively. As of the same dates, we and Pantheon had remaining commitments to fund first lien secured debt of $22.4 million and $22.4 million, respectively, and equity interest of $14.5 million and $14.5 million, respectively, in PSLF. As of December 31, 2023, at fair value, the largest investment in a single portfolio company in PSLF was $21.5 million and the five largest investments totaled $99.7 million. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSLF was $19.7 million and the five largest investments totaled $97.5 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

 

We provide capital to PSLF in the form of subordinated notes and equity interests. As of December 31, 2023 and September 30, 2023, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of December 31, 2023 and September 30, 2023, our investment in PSLF consisted of subordinated notes of $102.3 million and $102.3 million, respectively, and equity interests of $58.6 million and $58.6 million, respectively.

 

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each of us and Pantheon.

 

Additionally, PSLF, through its wholly-owned subsidiary, or PSLF Subsidiary, has entered into a $325.0 million (increased from $225.0 million on September 2, 2022) senior secured revolving credit facility, or the PSLF Credit Facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 260 basis points during the investment period and is subject to leverage and borrowing base restrictions.

 

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.

 

On July 26, 2023, CLO VII , LLC ("CLO VII") completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a diversified portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. As of December 31, 2023 there was $246.0 million of external 2035 Asset-Backed Debt.

 

 

47


 

Below is a summary of PSLF’s portfolio at fair value:

 

($ in thousands)

 

December 31, 2023 (Unaudited)

 

 

September 30, 2023

 

Total investments

 

$

857,885

 

 

$

804,187

 

Weighted average cost yield on income producing investments

 

 

12.1

%

 

 

12.1

%

Number of portfolio companies in PSLF

 

 

93

 

 

 

90

 

Largest portfolio company investment at fair value

 

$

21,491

 

 

$

19,737

 

Total of five largest portfolio company investments at fair value

 

$

99,724

 

 

$

97,526

 

 

Below is a listing of PSLF’s individual investments as of December 31, 2023 ($ in thousands):

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 826.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/28

 

Personal, Food and Miscellaneous Services

 

 

11.96

%

 

SOFR+660

 

 

14,888

 

 

$

14,636

 

 

$

14,813

 

ACP Falcon Buyer, Inc.

 

08/01/29

 

Business Services

 

 

11.85

%

 

SOFR+650

 

 

15,467

 

 

 

15,151

 

 

 

15,297

 

Ad.net Acquisition, LLC

 

05/07/26

 

Media

 

 

11.61

%

 

SOFR+600

 

 

4,875

 

 

 

4,875

 

 

 

4,851

 

Alpine Acquisition Corp II

 

11/30/26

 

Containers, Packaging and Glass

 

 

11.45

%

 

SOFR+610

 

 

14,800

 

 

 

14,509

 

 

 

14,208

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/25

 

Media

 

 

11.75

%

 

SOFR+640

 

 

13,922

 

 

 

13,846

 

 

 

13,713

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/24

 

Media

 

 

11.00

%

 

SOFR+565

 

 

14,151

 

 

 

14,125

 

 

 

14,009

 

Any Hour Services

 

07/21/27

 

Personal, Food and Miscellaneous Services

 

 

11.23

%

 

SOFR+575

 

 

10,854

 

 

 

10,821

 

 

 

10,746

 

Applied Technical Services, LLC

 

12/29/26

 

Environmental Services

 

 

11.42

%

 

SOFR+615

 

 

11,876

 

 

 

11,758

 

 

 

11,639

 

Arcfield Acquisition Corp.

 

08/03/29

 

Aerospace and Defense

 

 

11.64

%

 

SOFR+635

 

 

21,708

 

 

 

21,389

 

 

 

21,491

 

Beta Plus Technologies, Inc.

 

07/01/29

 

Business Services

 

 

11.10

%

 

SOFR+575

 

 

14,813

 

 

 

14,572

 

 

 

14,220

 

Bioderm, Inc.

 

01/31/28

 

Healthcare, Education and Childcare

 

 

11.84

%

 

SOFR+650

 

 

8,955

 

 

 

8,851

 

 

 

8,865

 

Blackhawk Industrial Distribution, Inc.

 

09/17/26

 

Distribution

 

 

11.75

%

 

SOFR+640

 

 

19,748

 

 

 

19,484

 

 

 

19,501

 

BlueHalo Financing Holdings, LLC

 

10/31/25

 

Aerospace and Defense

 

 

12.00

%

 

SOFR+665

 

 

11,067

 

 

 

10,988

 

 

 

10,845

 

Broder Bros., Co.

 

12/04/25

 

Personal and Non-Durable Consumer Products

 

 

11.65

%

 

SOFR+600

 

 

9,619

 

 

 

9,619

 

 

 

9,619

 

Burgess Point Purchaser Corporation

 

09/26/29

 

Auto Sector

 

 

10.71

%

 

SOFR+535

 

 

891

 

 

 

835

 

 

 

838

 

Cartessa Aesthetics, LLC

 

06/14/28

 

Distribution

 

 

11.10

%

 

SOFR+575

 

 

17,238

 

 

 

16,978

 

 

 

17,238

 

CF512, Inc.

 

08/20/26

 

Media

 

 

11.57

%

 

SOFR+619

 

 

2,913

 

 

 

2,895

 

 

 

2,855

 

Connatix Buyer, Inc.

 

07/13/27

 

Media

 

 

11.14

%

 

SOFR+576

 

 

8,785

 

 

 

8,768

 

 

 

8,390

 

Crane 1 Services, Inc.

 

08/16/27

 

Personal, Food and Miscellaneous Services

 

 

10.36

%

 

SOFR+501

 

 

2,568

 

 

 

2,545

 

 

 

2,556

 

Dr. Squatch, LLC

 

08/31/27

 

Personal and Non-Durable Consumer Products

 

 

11.20

%

 

SOFR+575

 

 

10,671

 

 

 

10,628

 

 

 

10,671

 

DRI Holding Inc.

 

12/21/28

 

Media

 

 

10.71

%

 

SOFR+525

 

 

4,371

 

 

 

3,962

 

 

 

3,977

 

DRS Holdings III, Inc.

 

11/03/25

 

Consumer Products

 

 

11.77

%

 

SOFR+640

 

 

14,157

 

 

 

14,115

 

 

 

14,002

 

Duraco Specialty Tapes LLC

 

06/30/24

 

Manufacturing / Basic Industries

 

 

11.96

%

 

SOFR+650

 

 

8,613

 

 

 

8,561

 

 

 

8,475

 

EDS Buyer, LLC

 

01/10/29

 

Aerospace and Defense

 

 

11.62

%

 

SOFR+625

 

 

6,203

 

 

 

6,135

 

 

 

6,141

 

ETE Intermediate II, LLC

 

05/29/29

 

Personal, Food and Miscellaneous Services

 

 

11.89

%

 

SOFR+650

 

 

12,342

 

 

 

12,122

 

 

 

12,342

 

Exigo Intermediate II, LLC

 

03/15/27

 

Business Services

 

 

11.46

%

 

SOFR+575

 

 

9,725

 

 

 

9,616

 

 

 

9,579

 

Fairbanks Morse Defense

 

06/17/28

 

Aerospace and Defense

 

 

10.54

%

 

SOFR+551

 

 

3,514

 

 

 

3,429

 

 

 

3,511

 

Five Star Buyer, Inc.

 

02/23/28

 

Hotels, Motels, Inns and Gaming

 

 

12.46

%

 

SOFR+700

 

 

4,340

 

 

 

4,261

 

 

 

4,275

 

Global Holdings InterCo LLC

 

03/16/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.46

%

 

SOFR+610

 

 

7,008

 

 

 

6,990

 

 

 

6,658

 

Graffiti Buyer, Inc.

 

08/10/27

 

Distribution

 

 

10.95

%

 

SOFR+575

 

 

1,949

 

 

 

1,921

 

 

 

1,930

 

Hancock Roofing and Construction L.L.C.

 

12/31/26

 

Insurance

 

 

10.95

%

 

SOFR+550

 

 

6,423

 

 

 

6,423

 

 

 

6,166

 

Holdco Sands Intermediate, LLC

 

11/23/28

 

Aerospace and Defense

 

 

11.57

%

 

SOFR+600

 

 

19,666

 

 

 

19,348

 

 

 

19,470

 

HV Watterson Holdings, LLC

 

12/17/26

 

Business Services

 

 

11.50

%

 

SOFR+615

 

 

15,064

 

 

 

14,910

 

 

 

15,064

 

HW Holdco, LLC

 

12/10/24

 

Media

 

 

11.83

%

 

SOFR+650

 

 

14,250

 

 

 

14,186

 

 

 

14,036

 

IG Investments Holdings, LLC

 

09/22/28

 

Business Services

 

 

11.45

%

 

SOFR+600

 

 

4,417

 

 

 

4,346

 

 

 

4,350

 

Imagine Acquisitionco, LLC

 

11/15/27

 

Business Services

 

 

10.74

%

 

SOFR+550

 

 

5,551

 

 

 

5,471

 

 

 

5,468

 

Inception Fertility Ventures, LLC

 

12/31/24

 

Healthcare, Education and Childcare

 

 

12.64

%

 

SOFR+715

 

 

19,687

 

 

 

19,420

 

 

 

19,687

 

Infinity Home Services Holdco, Inc.

 

12/28/28

 

Personal, Food and Miscellaneous Services

 

 

12.20

%

 

SOFR+685

 

 

11,025

 

 

 

10,847

 

 

 

11,025

 

Infolinks Media Buyco, LLC

 

11/01/26

 

Media

 

 

11.21

%

 

SOFR+585

 

 

5,785

 

 

 

5,785

 

 

 

5,785

 

Integrity Marketing Acquisition, LLC

 

08/27/26

 

Insurance

 

 

11.54

%

 

SOFR+575

 

 

19,651

 

 

 

19,596

 

 

 

19,455

 

Inventus Power, Inc.

 

06/30/25

 

Consumer Products

 

 

12.97

%

 

SOFR+761

 

 

13,201

 

 

 

12,970

 

 

 

12,937

 

K2 Pure Solutions NoCal, L.P.

 

01/31/24

 

Chemicals, Plastics and Rubber

 

 

15.46

%

 

SOFR+1010

 

 

10,952

 

 

 

10,951

 

 

 

10,952

 

Kinetic Purchaser, LLC

 

11/10/27

 

Consumer Products

 

 

11.50

%

 

SOFR+615

 

 

16,877

 

 

 

16,611

 

 

 

16,793

 

LAV Gear Holdings, Inc.

 

10/31/25

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

11.80

%

 

SOFR+640

 

 

4,647

 

 

 

4,626

 

 

 

4,545

 

Lash OpCo, LLC

 

02/18/27

 

Consumer Products

 

 

12.48

%

 

SOFR+700

 

 

19,673

 

 

 

19,525

 

 

 

19,575

 

Lightspeed Buyer Inc.

 

02/03/26

 

Healthcare, Education and Childcare

 

 

10.71

%

 

SOFR+535

 

 

12,187

 

 

 

12,039

 

 

 

12,126

 

LJ Avalon Holdings, LLC

 

01/31/30

 

Environmental Services

 

 

12.04

%

 

SOFR+665

 

 

6,302

 

 

 

6,192

 

 

 

6,176

 

MAG DS Corp.

 

04/01/27

 

Aerospace and Defense

 

 

10.95

%

 

SOFR+550

 

 

7,581

 

 

 

7,158

 

 

 

7,239

 

Magenta Buyer, LLC

 

07/31/28

 

Software

 

 

10.64

%

 

SOFR+526

 

 

3,775

 

 

 

3,550

 

 

 

2,652

 

Mars Acquisition Holdings Corp.

 

05/14/26

 

Media

 

 

11.00

%

 

SOFR+565

 

 

10,857

 

 

 

10,788

 

 

 

10,857

 

MBS Holdings, Inc.

 

04/16/27

 

Telecommunications

 

 

11.29

%

 

SOFR+585

 

 

8,395

 

 

 

8,307

 

 

 

8,282

 

Meadowlark Acquirer, LLC

 

12/10/27

 

Business Services

 

 

11.04

%

 

SOFR+550

 

 

2,945

 

 

 

2,900

 

 

 

2,857

 

Municipal Emergency Services, Inc.

 

10/01/27

 

Distribution

 

 

10.50

%

 

SOFR+515

 

 

5,958

 

 

 

5,850

 

 

 

5,952

 

NBH Group LLC

 

08/19/26

 

Healthcare, Education and Childcare

 

 

11.19

%

 

SOFR+525

 

 

7,410

 

 

 

7,353

 

 

 

6,966

 

Neptune Flood Incorporated

 

05/09/29

 

Financial Services

 

 

11.72

%

 

SOFR+635

 

 

7,845

 

 

 

7,740

 

 

 

7,845

 

NORA Acquisition, LLC

 

08/31/29

 

Healthcare, Education and Childcare

 

 

11.70

%

 

SOFR+635

 

 

14,963

 

 

 

14,681

 

 

 

14,738

 

One Stop Mailing, LLC

 

05/07/27

 

Transportation

 

 

11.72

%

 

SOFR+636

 

 

8,447

 

 

 

8,296

 

 

 

8,447

 

Owl Acquisition, LLC

 

02/04/28

 

Education

 

 

10.75

%

 

SOFR+575

 

 

3,893

 

 

 

3,798

 

 

 

3,834

 

Ox Two, LLC (New Issue)

 

05/18/26

 

Distribution

 

 

12.86

%

 

SOFR+751

 

 

4,378

 

 

 

4,333

 

 

 

4,323

 

Pequod Merger Sub, Inc.

 

12/02/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.75

%

 

SOFR+640

 

 

11,445

 

 

 

11,253

 

 

 

11,216

 

PL Acquisitionco, LLC

 

11/09/27

 

Retail

 

 

12.46

%

 

SOFR+710

 

 

8,000

 

 

 

7,892

 

 

 

7,080

 

PlayPower, Inc.

 

05/08/26

 

Consumer Products

 

 

11.06

%

 

SOFR+565

 

 

2,544

 

 

 

2,479

 

 

 

2,467

 

Quantic Electronics, LLC

 

11/19/26

 

Aerospace and Defense

 

 

11.70

%

 

SOFR+635

 

 

3,305

 

 

 

3,261

 

 

 

3,239

 

 

 

 

 

48


 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Radius Aerospace, Inc.

 

03/31/25

 

Aerospace and Defense

 

 

11.25

%

 

SOFR+575

 

 

12,669

 

 

$

12,614

 

 

$

12,542

 

Rancho Health MSO, Inc.

 

12/18/25

 

Healthcare, Education and Childcare

 

 

11.24

%

 

SOFR+550

 

 

5,589

 

 

 

5,589

 

 

 

5,589

 

Reception Purchaser, LLC

 

04/28/28

 

Transportation

 

 

11.50

%

 

SOFR+615

 

 

4,987

 

 

 

4,928

 

 

 

4,838

 

Recteq, LLC

 

01/29/26

 

Consumer Products

 

 

12.50

%

 

SOFR+715

 

 

9,725

 

 

 

9,638

 

 

 

9,385

 

Research Now Group, LLC and Dynata, LLC

 

12/20/24

 

Business Services

 

 

11.14

%

 

SOFR+576

 

 

14,351

 

 

 

14,305

 

 

 

12,701

 

Riverpoint Medical, LLC

 

06/20/25

 

Healthcare, Education and Childcare

 

 

10.50

%

 

SOFR+500

 

 

3,168

 

 

 

3,156

 

 

 

3,142

 

Riverside Assessments, LLC

 

03/09/25

 

Education

 

 

11.25

%

 

SOFR+625

 

 

10,867

 

 

 

10,816

 

 

 

10,758

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)

 

06/16/29

 

Professional Services

 

 

11.43

%

 

SOFR+625

 

 

3,739

 

 

 

3,672

 

 

 

3,683

 

S101 Holdings Inc.

 

12/29/26

 

Electronics

 

 

11.54

%

 

SOFR+615

 

 

4,239

 

 

 

4,176

 

 

 

4,176

 

Sales Benchmark Index LLC

 

01/03/25

 

Business Services

 

 

11.55

%

 

SOFR+620

 

 

6,676

 

 

 

6,641

 

 

 

6,643

 

Sargent & Greenleaf Inc.

 

12/20/24

 

Electronics

 

 

12.96

%

 

SOFR+750

 

 

4,830

 

 

 

4,830

 

 

 

4,806

 

Seaway Buyer, LLC

 

06/13/29

 

Chemicals, Plastics and Rubber

 

 

11.50

%

 

SOFR+615

 

 

14,813

 

 

 

14,603

 

 

 

14,294

 

Sigma Defense Systems, LLC

 

12/18/27

 

Telecommunications

 

 

12.50

%

 

SOFR+715

 

 

6,434

 

 

 

6,395

 

 

 

6,370

 

Signature Systems Holding Company

 

05/03/24

 

Chemicals, Plastics and Rubber

 

 

12.00

%

 

SOFR+665

 

 

9,401

 

 

 

9,386

 

 

 

9,401

 

Skopima Consilio Parent, LLC

 

05/17/28

 

Business Services

 

 

9.97

%

 

SOFR+450

 

 

1,300

 

 

 

1,275

 

 

 

1,290

 

Solutionreach, Inc.

 

07/17/25

 

Communications

 

 

12.53

%

 

SOFR+700

 

 

9,239

 

 

 

9,206

 

 

 

9,211

 

SpendMend Holdings, LLC

 

03/01/28

 

Business Services

 

 

11.01

%

 

SOFR+565

 

 

9,583

 

 

 

9,340

 

 

 

9,477

 

STV Group Incorporated

 

12/11/26

 

Transportation

 

 

10.71

%

 

SOFR+535

 

 

12,099

 

 

 

12,047

 

 

 

11,978

 

Summit Behavioral Healthcare, LLC

 

11/24/28

 

Healthcare, Education and Childcare

 

 

10.40

%

 

SOFR+475

 

 

3,563

 

 

 

3,387

 

 

 

3,554

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

08/16/27

 

Aerospace and Defense

 

 

11.33

%

 

SOFR+600

 

 

15,925

 

 

 

15,669

 

 

 

15,829

 

Team Services Group, LLC

 

11/24/28

 

Healthcare, Education and Childcare

 

 

10.75

%

 

SOFR+515

 

 

2,681

 

 

 

2,583

 

 

 

2,656

 

Teneo Holdings LLC

 

07/18/25

 

Financial Services

 

 

10.71

%

 

SOFR+525

 

 

2,928

 

 

 

2,920

 

 

 

2,921

 

The Bluebird Group LLC

 

07/27/26

 

Business Services

 

 

12.00

%

 

SOFR+665

 

 

11,978

 

 

 

11,924

 

 

 

11,846

 

The Vertex Companies, LLC

 

08/31/27

 

Business Services

 

 

11.49

%

 

SOFR+635

 

 

7,673

 

 

 

7,583

 

 

 

7,658

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/25

 

Food

 

 

11.04

%

 

SOFR+550

 

 

5,465

 

 

 

5,373

 

 

 

5,410

 

TWS Acquisition Corporation

 

06/06/25

 

Education

 

 

11.78

%

 

SOFR+625

 

 

6,219

 

 

 

6,208

 

 

 

6,219

 

Tyto Athene, LLC

 

04/03/28

 

Aerospace and Defense

 

 

11.04

%

 

SOFR+550

 

 

11,393

 

 

 

11,290

 

 

 

10,527

 

Urology Management Holdings, Inc.

 

06/15/26

 

Healthcare, Education and Childcare

 

 

11.93

%

 

SOFR+625

 

 

3,850

 

 

 

3,788

 

 

 

3,770

 

Wildcat Buyerco, Inc.

 

02/27/27

 

Electronics

 

 

11.12

%

 

SOFR+575

 

 

19,404

 

 

 

19,230

 

 

 

19,113

 

Zips Car Wash, LLC

 

03/01/24

 

Business Services

 

 

12.70

%

 

SOFR+725

 

 

19,682

 

 

 

19,636

 

 

 

19,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

863,478

 

 

 

857,885

 

Total Investments - 826.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 53.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,996

 

 

 

54,996

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,996

 

 

 

54,996

 

Total Investments and Cash Equivalents - 879.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

$

918,474

 

 

$

912,881

 

Liabilities in Excess of Other Assets — (779.4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(809,072

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

103,809

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR” or Prime rate or
“P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically
indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a
spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.

 

 

 

 

 

49


 

Below is a listing of PSLF’s individual investments as of September 30, 2023 ($ in thousands):

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 783.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/28

 

Personal, Food and Miscellaneous Services

 

 

11.84

%

 

SOFR+650

 

 

14,925

 

 

$

14,668

 

 

$

14,850

 

Ad.net Acquisition, LLC

 

05/07/26

 

Media

 

 

11.65

%

 

SOFR+600

 

 

4,888

 

 

 

4,888

 

 

 

4,863

 

Alpine Acquisition Corp II

 

11/30/26

 

Containers, Packaging and Glass

 

 

11.26

%

 

SOFR+600

 

 

14,837

 

 

 

14,528

 

 

 

14,244

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/25

 

Media

 

 

11.79

%

 

SOFR+675

 

 

13,958

 

 

 

13,869

 

 

 

13,749

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/24

 

Media

 

 

12.04

%

 

SOFR+650

 

 

14,354

 

 

 

14,319

 

 

 

14,103

 

Any Hour Services

 

07/21/27

 

Personal, Food and Miscellaneous Services

 

 

11.22

%

 

SOFR+575

 

 

10,882

 

 

 

10,847

 

 

 

10,665

 

Apex Service Partners, LLC

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

10.52

%

 

SOFR+525

 

 

6,424

 

 

 

6,380

 

 

 

6,408

 

Apex Service Partners, LLC Term Loan B

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

11.11

%

 

SOFR+550

 

 

3,316

 

 

 

3,299

 

 

 

3,308

 

Apex Service Partners, LLC - Term Loan C

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

10.76

%

 

SOFR+525

 

 

7,531

 

 

 

7,531

 

 

 

7,512

 

Applied Technical Services, LLC

 

12/29/26

 

Environmental Services

 

 

11.51

%

 

SOFR+575

 

 

11,394

 

 

 

11,271

 

 

 

11,166

 

Applied Technical Services, LLC - Unfunded Term Loan (3)

 

12/29/26

 

Environmental Services

 

 

 

 

 

 

 

513

 

 

 

-

 

 

 

(5

)

Arcfield Acquisition Corp.

 

08/03/29

 

Aerospace and Defense

 

 

11.62

%

 

SOFR+625

 

 

11,820

 

 

 

11,642

 

 

 

11,702

 

Beta Plus Technologies, Inc.

 

07/01/29

 

Business Services

 

 

11.14

%

 

SOFR+575

 

 

14,850

 

 

 

14,604

 

 

 

13,811

 

Bioderm, Inc.

 

01/31/28

 

Healthcare, Education and Childcare

 

 

11.83

%

 

SOFR+650

 

 

8,978

 

 

 

8,874

 

 

 

8,933

 

Blackhawk Industrial Distribution, Inc.

 

09/17/24

 

Distribution

 

 

11.79

%

 

SOFR+625

 

 

17,823

 

 

 

17,588

 

 

 

17,556

 

Broder Bros., Co.

 

12/04/25

 

Personal and Non-Durable Consumer Products

 

 

11.50

%

 

SOFR+600

 

 

9,683

 

 

 

9,683

 

 

 

9,683

 

Burgess Point Purchaser Corporation

 

09/26/29

 

Auto Sector

 

 

10.67

%

 

SOFR+525

 

 

893

 

 

 

836

 

 

 

841

 

Cartessa Aesthetics, LLC

 

06/14/28

 

Distribution

 

 

11.39

%

 

SOFR+600

 

 

17,281

 

 

 

17,013

 

 

 

17,281

 

CF512, Inc.

 

08/20/26

 

Media

 

 

11.60

%

 

SOFR+600

 

 

2,921

 

 

 

2,901

 

 

 

2,862

 

Connatix Buyer, Inc.

 

07/13/27

 

Media

 

 

11.16

%

 

SOFR+550

 

 

8,808

 

 

 

8,792

 

 

 

8,500

 

Crane 1 Services, Inc.

 

08/16/27

 

Personal, Food and Miscellaneous Services

 

 

10.90

%

 

SOFR+575

 

 

2,575

 

 

 

2,550

 

 

 

2,562

 

Dr. Squatch, LLC

 

08/31/27

 

Personal and Non-Durable Consumer Products

 

 

11.24

%

 

SOFR+575

 

 

10,882

 

 

 

10,834

 

 

 

10,882

 

DRI Holding Inc.

 

12/21/28

 

Media

 

 

10.67

%

 

SOFR+525

 

 

4,382

 

 

 

3,959

 

 

 

3,993

 

DRS Holdings III, Inc.

 

11/03/25

 

Consumer Products

 

 

11.77

%

 

SOFR+640

 

 

14,395

 

 

 

14,345

 

 

 

14,222

 

Duraco Specialty Tapes LLC

 

06/30/24

 

Manufacturing / Basic Industries

 

 

11.93

%

 

SOFR+650

 

 

8,635

 

 

 

8,561

 

 

 

8,505

 

EDS Buyer, LLC

 

01/10/29

 

Aerospace and Defense

 

 

11.64

%

 

SOFR+625

 

 

6,219

 

 

 

6,148

 

 

 

6,125

 

Electro Rent Corporation

 

01/17/24

 

Electronics

 

 

10.93

%

 

SOFR+550

 

 

3,712

 

 

 

3,665

 

 

 

3,632

 

ETE Intermediate II, LLC

 

05/29/29

 

Personal, Food and Miscellaneous Services

 

 

11.89

%

 

SOFR+650

 

 

12,404

 

 

 

12,171

 

 

 

12,193

 

Exigo Intermediate II, LLC

 

03/15/27

 

Business Services

 

 

11.17

%

 

SOFR+575

 

 

9,750

 

 

 

9,637

 

 

 

9,555

 

Fairbanks Morse Defense

 

06/17/28

 

Aerospace and Defense

 

 

10.40

%

 

SOFR+475

 

 

1,518

 

 

 

1,470

 

 

 

1,506

 

Five Star Buyer, Inc.

 

02/23/28

 

Hotels, Motels, Inns and Gaming

 

 

12.43

%

 

SOFR+700

 

 

4,373

 

 

 

4,291

 

 

 

4,307

 

Global Holdings InterCo LLC

 

03/16/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.96

%

 

SOFR+650

 

 

7,027

 

 

 

7,008

 

 

 

6,676

 

Graffiti Buyer, Inc.

 

08/10/27

 

Distribution

 

 

10.99

%

 

SOFR+575

 

 

1,954

 

 

 

1,925

 

 

 

1,935

 

Hancock Roofing and Construction L.L.C.

 

12/31/26

 

Insurance

 

 

10.93

%

 

SOFR+550

 

 

6,423

 

 

 

6,423

 

 

 

6,262

 

Holdco Sands Intermediate, LLC

 

11/23/28

 

Aerospace and Defense

 

 

11.32

%

 

SOFR+600

 

 

19,717

 

 

 

19,388

 

 

 

19,717

 

HV Watterson Holdings, LLC

 

12/17/26

 

Business Services

 

 

11.79

%

 

SOFR+600

 

 

15,140

 

 

 

14,974

 

 

 

15,110

 

HW Holdco, LLC

 

12/10/24

 

Media

 

 

11.70

%

 

SOFR+625

 

 

14,250

 

 

 

14,171

 

 

 

14,036

 

IG Investments Holdings, LLC

 

09/22/28

 

Business Services

 

 

11.45

%

 

SOFR+600

 

 

4,428

 

 

 

4,355

 

 

 

4,362

 

Imagine Acquisitionco, LLC

 

11/15/27

 

Business Services

 

 

10.72

%

 

SOFR+550

 

 

5,565

 

 

 

5,481

 

 

 

5,482

 

Inception Fertility Ventures, LLC

 

12/31/24

 

Healthcare, Education and Childcare

 

 

12.50

%

 

SOFR+715

 

 

19,737

 

 

 

19,410

 

 

 

19,737

 

Infinity Home Services Holdco, Inc.

 

12/28/28

 

Personal, Food and Miscellaneous Services

 

 

12.24

%

 

SOFR+685

 

 

11,053

 

 

 

10,867

 

 

 

11,053

 

Infolinks Media Buyco, LLC

 

11/01/26

 

Media

 

 

11.17

%

 

SOFR+575

 

 

6,364

 

 

 

6,364

 

 

 

6,364

 

Integrity Marketing Acquisition, LLC

 

08/27/26

 

Insurance

 

 

11.57

%

 

SOFR+575

 

 

19,701

 

 

 

19,639

 

 

 

19,504

 

K2 Pure Solutions NoCal, L.P.

 

12/20/23

 

Chemicals, Plastics and Rubber

 

 

13.42

%

 

SOFR+800

 

 

12,061

 

 

 

12,040

 

 

 

12,061

 

Kinetic Purchaser, LLC

 

11/10/27

 

Consumer Products

 

 

11.54

%

 

SOFR+615

 

 

16,920

 

 

 

16,641

 

 

 

16,666

 

LAV Gear Holdings, Inc.

 

10/31/24

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

11.46

%

 

SOFR+565

 

 

4,658

 

 

 

4,631

 

 

 

4,603

 

Lash OpCo, LLC

 

02/18/27

 

Consumer Products

 

 

12.13

%

 

SOFR+700

 

 

19,723

 

 

 

19,565

 

 

 

19,526

 

Lightspeed Buyer Inc.

 

02/03/26

 

Healthcare, Education and Childcare

 

 

10.67

%

 

SOFR+575

 

 

12,218

 

 

 

12,056

 

 

 

12,096

 

LJ Avalon Holdings, LLC

 

01/31/30

 

Environmental Services

 

 

11.77

%

 

SOFR+665

 

 

6,318

 

 

 

6,206

 

 

 

6,192

 

MAG DS Corp.

 

04/01/27

 

Aerospace and Defense

 

 

10.99

%

 

SOFR+550

 

 

7,601

 

 

 

7,153

 

 

 

7,202

 

Magenta Buyer, LLC

 

07/31/28

 

Software

 

 

10.63

%

 

SOFR+500

 

 

3,785

 

 

 

3,550

 

 

 

2,805

 

Mars Acquisition Holdings Corp.

 

05/14/26

 

Media

 

 

11.04

%

 

SOFR+550

 

 

10,885

 

 

 

10,811

 

 

 

10,776

 

MBS Holdings, Inc.

 

04/16/27

 

Telecommunications

 

 

11.22

%

 

SOFR+575

 

 

7,859

 

 

 

7,780

 

 

 

7,749

 

Meadowlark Acquirer, LLC

 

12/10/27

 

Business Services

 

 

10.58

%

 

SOFR+550

 

 

2,958

 

 

 

2,911

 

 

 

2,884

 

Municipal Emergency Services, Inc.

 

10/01/27

 

Distribution

 

 

11.04

%

 

SOFR+550

 

 

5,975

 

 

 

5,860

 

 

 

5,843

 

NBH Group LLC

 

08/19/26

 

Healthcare, Education and Childcare

 

 

10.93

%

 

SOFR+525

 

 

7,429

 

 

 

7,369

 

 

 

7,280

 

Neptune Flood Incorporated

 

05/09/29

 

Financial Services

 

 

11.97

%

 

SOFR+660

 

 

8,020

 

 

 

7,910

 

 

 

8,020

 

One Stop Mailing, LLC

 

05/07/27

 

Transportation

 

 

11.68

%

 

SOFR+625

 

 

8,470

 

 

 

8,311

 

 

 

8,470

 

Owl Acquisition, LLC

 

02/04/28

 

Education

 

 

10.80

%

 

SOFR+575

 

 

3,893

 

 

 

3,794

 

 

 

3,834

 

Ox Two, LLC (New Issue)

 

05/18/26

 

Distribution

 

 

12.90

%

 

SOFR+725

 

 

4,378

 

 

 

4,343

 

 

 

4,301

 

Pequod Merger Sub, Inc.

 

12/02/26

 

Banking, Finance, Insurance & Real Estate

 

 

11.79

%

 

SOFR+640

 

 

11,474

 

 

 

11,267

 

 

 

11,244

 

PL Acquisitionco, LLC

 

11/09/27

 

Retail

 

 

12.42

%

 

SOFR+700

 

 

7,930

 

 

 

7,818

 

 

 

7,137

 

PlayPower, Inc.

 

05/08/26

 

Consumer Products

 

 

10.92

%

 

SOFR+565

 

 

2,551

 

 

 

2,481

 

 

 

2,436

 

Quantic Electronics, LLC

 

11/19/26

 

Aerospace and Defense

 

 

11.74

%

 

SOFR+625

 

 

3,314

 

 

 

3,267

 

 

 

3,264

 

Radius Aerospace, Inc.

 

03/31/25

 

Aerospace and Defense

 

 

11.29

%

 

SOFR+575

 

 

12,703

 

 

 

12,641

 

 

 

12,576

 

Rancho Health MSO, Inc.

 

12/18/25

 

Healthcare, Education and Childcare

 

 

11.22

%

 

SOFR+550

 

 

5,603

 

 

 

5,603

 

 

 

5,603

 

Reception Purchaser, LLC

 

4/28/2028

 

Transportation

 

 

11.54

%

 

SOFR+600

 

 

5,000

 

 

 

4,937

 

 

 

4,800

 

Recteq, LLC

 

1/29/2026

 

Consumer Products

 

 

12.54

%

 

SOFR+700

 

 

9,750

 

 

 

9,655

 

 

 

9,458

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

11.13

%

 

SOFR+550

 

 

14,389

 

 

 

14,332

 

 

 

12,591

 

Riverpoint Medical, LLC

 

6/20/2025

 

Healthcare, Education and Childcare

 

 

10.54

%

 

SOFR+575

 

 

3,176

 

 

 

3,162

 

 

 

3,131

 

Riverside Assessments, LLC

 

3/10/2025

 

Education

 

 

11.29

%

 

SOFR+625

 

 

10,895

 

 

 

10,834

 

 

 

10,786

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)

 

6/16/2029

 

Professional Services

 

 

11.52

%

 

SOFR+625

 

 

3,749

 

 

 

3,678

 

 

 

3,692

 

 

 

 

50


 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Sales Benchmark Index LLC

 

1/3/2025

 

Business Services

 

 

11.59

%

 

SOFR+600

 

 

6,859

 

 

$

6,815

 

 

$

6,825

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

Electronics

 

 

12.92

%

 

SOFR+750

 

 

4,872

 

 

 

4,872

 

 

 

4,823

 

Seaway Buyer, LLC

 

6/13/2029

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

SOFR+605

 

 

14,850

 

 

 

14,633

 

 

 

14,405

 

Signature Systems Holding Company

 

5/3/2024

 

Chemicals, Plastics and Rubber

 

 

12.04

%

 

SOFR+650

 

 

11,201

 

 

 

11,173

 

 

 

11,201

 

Skopima Consilio Parent, LLC

 

5/17/2028

 

Business Services

 

 

9.93

%

 

SOFR+450

 

 

1,300

 

 

 

1,274

 

 

 

1,272

 

Solutionreach, Inc.

 

7/17/2025

 

Communications

 

 

12.37

%

 

SOFR+700

 

 

9,239

 

 

 

9,206

 

 

 

9,202

 

SpendMend Holdings, LLC

 

3/1/2028

 

Business Services

 

 

11.04

%

 

SOFR+575

 

 

9,607

 

 

 

9,352

 

 

 

9,396

 

STV Group Incorporated

 

12/11/2026

 

Transportation

 

 

10.67

%

 

SOFR+525

 

 

12,099

 

 

 

12,045

 

 

 

11,857

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

10.43

%

 

SOFR+475

 

 

3,572

 

 

 

3,389

 

 

 

3,559

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

Aerospace and Defense

 

 

11.49

%

 

SOFR+600

 

 

15,966

 

 

 

15,695

 

 

 

15,790

 

Team Services Group, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

10.75

%

 

SOFR+515

 

 

2,688

 

 

 

2,584

 

 

 

2,627

 

Teneo Holdings LLC

 

7/18/2025

 

Financial Services

 

 

10.67

%

 

SOFR+525

 

 

2,936

 

 

 

2,927

 

 

 

2,931

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

12.04

%

 

SOFR+650

 

 

11,095

 

 

 

11,008

 

 

 

10,929

 

The Bluebird Group LLC

 

7/27/2026

 

Business Services

 

 

12.79

%

 

SOFR+725

 

 

7,855

 

 

 

7,872

 

 

 

7,823

 

The Vertex Companies, LLC

 

8/31/2027

 

Business Services

 

 

11.70

%

 

SOFR+635

 

 

7,690

 

 

 

7,596

 

 

 

7,628

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

Food

 

 

10.68

%

 

SOFR+550

 

 

5,479

 

 

 

5,378

 

 

 

5,479

 

TWS Acquisition Corporation

 

6/6/2025

 

Education

 

 

11.80

%

 

SOFR+625

 

 

7,177

 

 

 

7,161

 

 

 

7,177

 

Tyto Athene, LLC

 

4/3/2028

 

Aerospace and Defense

 

 

10.90

%

 

SOFR+550

 

 

11,393

 

 

 

11,285

 

 

 

10,391

 

Urology Management Holdings, Inc.

 

6/15/2026

 

Healthcare, Education and Childcare

 

 

11.79

%

 

SOFR+625

 

 

3,860

 

 

 

3,792

 

 

 

3,780

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

Electronics

 

 

10.54

%

 

SOFR+515

 

 

11,386

 

 

 

11,323

 

 

 

11,272

 

Zips Car Wash, LLC

 

3/1/2024

 

Business Services

 

 

12.67

%

 

SOFR+725

 

 

19,682

 

 

 

19,582

 

 

 

19,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

810,737

 

 

 

804,187

 

Total Investments - 783.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 57.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,096

 

 

 

59,096

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,096

 

 

 

59,096

 

Total Investments and Cash Equivalents - 841.3%

 

 

 

 

 

 

 

 

 

$

869,833

 

 

$

863,283

 

Liabilities in Excess of Other Assets — (741.3)%

 

 

 

 

 

 

 

 

 

 

 

 

 

(760,665

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

102,618

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR” or Prime rate or
“P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically
indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a
spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.

Below are the consolidated statements of assets and liabilities for PSLF,($ in thousands):

 

 

December 31, 2023 (Unaudited)

 

 

September 30, 2023

 

Assets

 

 

 

 

 

 

Investments at fair value (amortized cost—$863,478 and $810,737, respectively)

 

$

857,885

 

 

$

804,187

 

Cash and cash equivalents (cost—$54,996 and $59,096, respectively)

 

 

54,996

 

 

 

59,096

 

Interest receivable

 

 

5,738

 

 

 

5,248

 

Due from affiliate

 

 

1,358

 

 

 

3,296

 

Prepaid expenses and other assets

 

 

710

 

 

 

936

 

Total assets

 

 

920,687

 

 

 

872,763

 

Liabilities

 

 

 

 

 

 

2034 Asset-backed debt, net (par—$246,000)

 

 

244,381

 

 

 

244,284

 

2035 Asset-backed debt, net (par—$246,000)

 

 

243,825

 

 

 

243,727

 

Notes payable to members

 

 

169,131

 

 

 

169,131

 

Credit facility payable

 

 

131,600

 

 

 

88,600

 

Interest payable on credit facility and asset backed debt

 

 

15,495

 

 

 

10,421

 

Distribution payable to members

 

 

7,750

 

 

 

7,250

 

Interest payable on notes to members

 

 

3,959

 

 

 

3,895

 

Accounts payable and accrued expenses

 

 

737

 

 

 

835

 

Payable for investments purchased

 

 

 

 

 

2,002

 

Total liabilities

 

 

816,878

 

 

 

770,145

 

Commitments and contingencies

 

 

 

 

 

 

Members' equity

 

 

103,809

 

 

 

102,618

 

Total liabilities and members' equity

 

$

920,687

 

 

$

872,763

 

(1)
As of December 31, 2023 and September 30, 2023, PSLF had zero and $0.5 million, respectively, of unfunded commitments to fund investments.

 

 

 

51


 

Below are the consolidated statements of operations for PSLF, ($ in thousands):

 

 

 

Three Months Ended December 31,

 

 

 

 

2023

 

 

2022

 

Investment income:

 

 

 

 

 

 

 

Interest

 

 

$

27,107

 

 

$

18,845

 

Other income

 

 

 

140

 

 

 

97

 

Total investment income

 

 

 

27,247

 

 

 

18,942

 

Expenses: (1)

 

 

 

 

 

 

 

Interest expense on credit facility and asset-backed debt

 

 

 

12,640

 

 

 

7,815

 

Interest expense on notes to members

 

 

 

5,844

 

 

 

4,723

 

Administration fees

 

 

 

568

 

 

 

727

 

General and administrative expenses

 

 

 

197

 

 

 

114

 

Total expenses

 

 

 

19,249

 

 

 

13,379

 

Net investment income

 

 

 

7,998

 

 

 

5,563

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

 

 

 

 

(33

)

Net change in unrealized appreciation (depreciation) on investments

 

 

 

943

 

 

 

(3,922

)

Net realized and unrealized gain (loss) on investments

 

 

 

943

 

 

 

(3,955

)

Net increase (decrease) in members' equity resulting from operations

 

 

$

8,941

 

 

$

1,608

 

 

(1) No management or incentive fees are payable by PSLF.

 

Distributions

 

In order to be treated as a RIC for federal income tax purposes and to not be subject to corporate-level tax on undistributed income or gains, we are required, under Subchapter M of the Code, to annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid.

 

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for U.S. federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on our ability to be subject to tax as a RIC, in order to provide us with additional liquidity.

 

During the three months ended December 31, 2023, we declared distributions of $0.21 per share, for total distributions of $13.7 million. For the same periods in the prior year, we declared distributions of $0.17 per share, for total distributions of $10.8 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

 

Effective October 2023, we changed from a quarterly distribution to a monthly distribution. We intend to continue to make monthly distributions to our stockholders. Our monthly distributions, if any, are determined by our board of directors.

 

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions.

 

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage ratio for borrowings applicable to us as a BDC under the 1940 Act and/or due to provisions in future credit facilities. If we do not distribute at least a certain percentage of our income annually, we could suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions at a particular level.

 

Recent Accounting Pronouncements

 

In March 2020, the FASB issued Accounting Standards Update, or ASU, No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through June 30, 2023. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the three months ended December 31, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto.

 

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company has adopted the new accounting standard implementing appropriate controls and procedures, the effect of which was not material to the consolidated financial statements and the notes thereto.

 

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

 

52


 

 

Share Repurchase Program

 

On February 9, 2022, we announced a share repurchase program which allows us to repurchase up to $25 million of our outstanding common shares in the open market at prices below our net asset value as reported in our then most recently published consolidated financial statements. During the three months ended December 31, 2022, we did not make any repurchases of our common shares. The program expired on March 31, 2023.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are subject to financial market risks, including changes in interest rates. As of December 31, 2023, our debt portfolio consisted of 96% variable-rate investments and 4% fixed rate investments. The variable-rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations of three months after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regards to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.

 

Assuming that the most recent Consolidated Statements of Assets and Liabilities was to remain constant, and no actions were taken to alter the interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

 

Change in Interest Rates

 

Change in Interest Income,
Net of Interest Expense
 (in thousands)

 

 

Change in Interest Income,
Net of Interest
Expense Per Share

 

Down 1%

 

$

(5,112

)

 

$

(0.08

)

Up 1%

 

 

5,112

 

 

 

0.08

 

Up 2%

 

 

10,225

 

 

 

0.16

 

Up 3%

 

 

15,337

 

 

 

0.24

 

Up 4%

 

 

20,465

 

 

 

0.31

 

 

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets on the Consolidated Statements of Assets and Liabilities and other business developments that could affect net increase in net assets resulting from operations, or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

 

Because we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds as well as our level of leverage. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income or net assets.

 

We may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts or our Truist Credit Facility subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates and foreign currencies, they may also limit our ability to participate in the benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities or foreign currency derivatives hedging activities.

 

Item 4. Controls and Procedures

 

As of the quarter ended December 31, 2023, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). As disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, a material weakness was previously identified in connection with our internal control over financial reporting relating to the review of quarterly cash and investment reconciliations. Additionally, a material weakness was identified in the operation of our internal controls over financial reporting relating to our review of interest income and non-accrual classification of investments. We have taken steps to remediate these material weaknesses, which steps have included (i) enhancing existing controls to ensure the appropriate review of the quarterly cash and investment reconciliation and that it is adequately documented so as to provide evidence that the controls are operating effectively (ii) enhancing existing controls to ensure that our internal controls over financial reporting relating to our analysis of interest income and assessment of investments for classification as non-accrual investments are operating effectively and (iii) enhancing policies and procedures to demonstrate a commitment to improving our overall control environment.

 

Taking the above efforts into consideration, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures for the quarter ended December 31, 2023 were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Other than disclosed in this Item 4, there have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

53


 

PART II – OTHER INFORMATION

 

 

None of us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

 

Item 1A. Risk Factors

 

In addition to the other information set forth in this Report, you should consider carefully the factors discussed below, as well as in Part I “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed on December 8, 2023, which could materially affect our business, financial condition and/or operating results. The risks as in our Annual Report on Form 10-K, are not the only risks facing PennantPark Investment Corp. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

No unregistered securities were sold in the quarter ended December 31, 2023.

 

Issuer Purchases of Equity Securities

 

Repurchases of our common stock under our share repurchase program are as follows:

Period

 

Total Number of Shares Purchased

 

 

Average Price per Share

 

 

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)

 

 

Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)

 

January 1, 2022 through March 31, 2022

 

 

913,454

 

 

$

7.72

 

 

 

913,454

 

 

$

17,944

 

April 1, 2022 through June 30, 2022

 

 

717,709

 

 

$

6.91

 

 

 

1,631,163

 

 

$

12,986

 

July 1, 2022 through September 30, 2022

 

 

189,442

 

 

$

6.52

 

 

 

1,820,605

 

 

$

11,751

 

October 1, 2022 through December 31, 2022

 

 

 

 

$

-

 

 

 

1,820,605

 

 

$

11,751

 

January 1, 2023 through March 31, 2023

 

 

 

 

$

-

 

 

 

1,820,605

 

 

$

-

 

Total investments

 

 

1,820,605

 

 

$

7.28

 

 

 

 

 

 

 

—————————

(1)

The program expired on March 31, 2023 and we purchased $1.8 million shares of our common stock in open market transaction while the program was in effect for an aggregate cost (including transaction costs) of $13.2

million.

 

 

 

54


 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

10b5-1 Disclosure

None of the officers or directors of the Company have adopted or terminated any Rule 10b5-1 trading arrangements applicable to them (if any) or the Company.

 

 

55


 

Item 6. Exhibits

 

Unless specifically indicated otherwise, the following exhibits are incorporated by reference to exhibits previously filed with the SEC:

 

  3.1

Articles of Incorporation (Incorporated by reference to Exhibit 99(a) to the Registrant’s Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2/A (File No. 333-140092), filed on April 5, 2007).

 

 

  3.2

Second Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00736), filed on May 11, 2020).

 

 

  4.1

Form of Share Certificate (Incorporated by reference to Exhibit 99(d)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-150033), filed on April 2, 2008).

 

 

31.1*

Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

31.2*

Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

 

32.1*

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

32.2*

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

99.1

Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 to the Registrant’s Annual Report on Form 10-K (File No. 814-00736), filed on November 16, 2011).

 

 

101.INS*

Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document

 

 

101.SCH*

Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

 

 

101.CAL*

Inline XBRL Taxonomy Extension Calculation Linkbase Document

 

 

101.DEF*

Inline XBRL Taxonomy Extension Definition Linkbase Document

 

 

101.LAB*

Inline XBRL Taxonomy Extension Label Linkbase Document

 

 

101.PRE*

Inline XBRL Taxonomy Extension Presentation Linkbase Document

 

 

104

Cover Page formatted as Inline XBRL and contained in Exhibit 101

 

* Filed herewith.

 

56


 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

 

PENNANTPARK INVESTMENT CORPORATION

Date: February 7, 2024

By:

/s/ Arthur H. Penn

Arthur H. Penn

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: February 7, 2024

By:

/s/ Richard T. Allorto, Jr.

Richard T. Allorto, Jr.

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

 

57


EX-31.1

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO SECTION 302

CHIEF EXECUTIVE OFFICER CERTIFICATION

 

I, Arthur H. Penn, Chief Executive Officer of PennantPark Investment Corporation, certify that:

 

1. I have reviewed this Report on Form 10-Q of PennantPark Investment Corporation;

 

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

 

d) Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: February 7, 2024

 

/s/ Arthur H. Penn

Name:

Arthur H. Penn

Title:

Chief Executive Officer

 

 

 


EX-31.2

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO SECTION 302

CHIEF FINANCIAL OFFICER CERTIFICATION

 

I, Richard T. Allorto, Jr., Chief Financial Officer of PennantPark Investment Corporation, certify that:

 

1. I have reviewed this Report on Form 10-Q of PennantPark Investment Corporation;

 

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

 

d) Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: February 7, 2024

 

/s/ Richard T. Allorto, Jr.

Name:

Richard T. Allorto, Jr.

Title:

Chief Financial Officer

 

 


EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with this Report on Form 10-Q for the three months ended December 31, 2023 (the “Report”) of PennantPark Investment Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Arthur H. Penn, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

/s/ Arthur H. Penn

Name:

 

Arthur H. Penn

Title:

 

Chief Executive Officer

Date:

 

February 7, 2024

 

 


EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with this Report on Form 10-Q for the three months ended December 31, 2023 (the “Report”) of PennantPark Investment Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Richard T. Allorto, Jr., Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

/s/ Richard T. Allorto, Jr.

Name:

 

Richard T. Allorto, Jr.

Title:

 

Chief Financial Officer

Date:

 

February 7, 2024